Spandana Sphoorty IPO subscribed 6% on day 1

The price band for the issue has been fixed at Rs853-856 per share.

Aug 06, 2019 03:08 IST India Infoline News Service

Spandana Sphoorty Financial is a rural-focused NBFC-MFI with a geographically diversified presence in India. The company's IPO issue was subscribed 6% on day 1. The company raises Rs360.28cr from 18 anchor investors allocating 42,08,886 equity shares at the upper price band at Rs856 per equity share (including a share premium of Rs846 per equity share).

The issue will close on August 7, 2019. The price band for the issue has been fixed at Rs853-856 per share.

The Bid/Offer Closing Date will be on August 7, 2019. Bids can be made for a minimum lot of 17 Equity Shares and in multiples of 17 Equity Shares thereafter. The Anchor Investor Bid/Offer Period shall be 1 Working Day before the Bid/Offer Opening Date which is August 2, 2019.

The equity shares are proposed to be listed on BSE and NSE (the “Stock Exchanges”).

The net proceeds from the Fresh Issue are proposed to be utilized towards augmenting its capital base to meet future capital requirements and general corporate purposes.

The Global Co-ordinators and Book Running Lead Managers (“GCBRLMs”) to the Offer are Axis Capital Limited, ICICI Securities Limited, IIFL Securities Limited and JM Financial Limited. The Book Running Lead Managers (“BRLMs”) to the Offer are IndusInd Bank and YES Securities (India).

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