Bandhan Bank soars 33% in trading debut on NSE

Mumbai: Shares in Indian private sector lender Bandhan Bank Ltd rose as much as 33 percent in their trading debut on National Stock Exchange on Tuesday after its Rs 4,500 crore initial public offer (IPO). The shares were trading at 461.35 rupees, higher than the IPO issue price of 375 rupees.

The IPO of Bandhan Bank was oversubscribed 14.56 times, eliciting good response from QIP and HNI investors. The oversubscription on account of QIP was 38.67 times and that of HNI investors was 13.89 times. Retail oversubscription was 1.05 times which is going to rise further and applications received on this count was approximately 10 lakh.

The price band had been fixed between Rs 370 and Rs 375 per share, with a face value of Rs 10 each to raise Rs 4,500 crore.

The Kolkata-based private sector lender was mandated by the RBI to come out with an IPO after three years of completion of banking operations after migrating from microfinancing activity only.