New Delhi: Non-banking finance company Indostar Capital Finance's Rs 1,844-crore initial public offering (IPO ) opened on Tuesday.
The company's IPO committee has finalised allocation of 96,71,329 equity shares to as many as 24 investors at Rs 572 apiece. At this price, the total amount works out to be Rs 553.19 crore.
The issue is being managed by JM Financial, Kotak Mahindra Capital, Morgan Stanley, Motilal Oswal and Nomura.
Among the anchor investors are SBI Mutual Fund (MF) HDFC MF, Aditya Birla Sunlife MF, Fidelity, EastBridge, ICICI Lombard General Insurance, ICICI Prudential Life Insurance and Bajaj Alliance Life.
Indostar Capital's will be open for public subscription between May 9-11 on a price band of Rs 570-572 per share.
The IPO comprises fresh issuance of shares worth Rs 700 crore, besides, an offer-for-sale involving up to 2 crore shares, proceeds of which will be used to augment capital base to meet future capital requirements.
The permitted lot size of the IPO is 26 Shares and the upper price band is fixed at Rs 14,872.
The promoters and the existing shareholders will dilute up to 30 percent of their ownership through the public issue.
Incorporated in 2009, the company's 42.3 percent stake is owned by the private equity fund Everstone Capital, while ACP Libra owns 16.35 percent and Beacon India PE owns 10.8 percent.
The company raised over Rs 553 crore from anchor investors yesterday.
With PTI Inputs