Bandhan Bank IPO subscribed 88% on Day 2 of bidding

New Delhi: Bandhan Bank's initial public offer was subscribed 88 percent on the second day of the three-day bidding on Friday.

The IPO to raise Rs 4,473 crore received bids for 7,36,14,520 shares against the total issue size of 8,34,96,347 shares, data available with the NSE till 1700 hrs showed.

The portion set aside for qualified institutional buyers (QIBs) was subscribed 2.33 times, non institutional investors 24 percent and retail investors 33 percent.

Kolkata-based Bandhan Bank on Wednesday raised Rs 1,342 crore from anchor investors and is looking to raise a total amount of Rs 4,473 crore from the public issue of its shares.

The IPO is of up to 119,280,494 shares comprising of a fresh issue of up to 97,663,910 shares and an offer for sale of up to 21,616,584 shares (including anchor portion of 35,784,147 shares).

The offer, which would conclude on March 19, is in a price band of Rs 370-375.

Kotak Mahindra Capital Company, Axis Capital, Goldman Sachs (India) Securities, JM Financial and JP Morgan India are managing the issue.