India Shelter Finance Corp. launched its initial public offering on Wednesday with an aim to raise Rs 1,200 crore.
The offer was subscribed 1.48 times on the opening day. On second day, the finance company's IPO was subscribed 4.36 times.
The IPO is a combination of a fresh issue and an offer for sale. While the fresh issue comprises 1.62 crore shares for Rs 800 crore, the OFS has 81 lakh shares for Rs 400 crore.
The company allotted 73.02 lakh shares at Rs 493 apiece to 38 anchor investors. It included Nippon Life India Asset Management Ltd., Motilal Oswal Financial Services Ltd., Edelweiss Trusteeship Co., SBI Life Insurance Co. and Max Life Insurance Co.
Also Read: India Shelter Finance IPO: Apply Or Avoid?
Business
Established in 1998, the company specialises in housing finance, offering loans for house construction, extension, renovation, home or plot purchase, and loan against property. The company has 203 branches across 15 states as of Sept. 30.
The company's target segment is the self-employed customer, and it focusses on first-time home-loan takers in the low- and middle-income group in tier-2 and tier-3 cities in India.
Subscription Status: Day 3
The IPO has been subscribed 36.71 times on 7 p.m. on Friday.
Institutional investors: 89.70 times
Non-institutional investors: 28.51 times
Retail investors: 9.95 times
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