SBFC Finance Ltd. was fully subscribed on the first day of its initial public offering. Within four hours of the IPO opening, that is by 2:18 p.m., it had been subscribed 1.02 times with bids led by non-institutional investors and retail investors.
The IPO will remain open until Monday.
The systemically important, non-deposit-taking, non-banking finance company's IPO comprises total offer size of Rs 1,025 crore, of which Rs 425 crore worth of shares will be allocated through the offer for sale.
The company aims to cater to the untapped 85% of micro, small, and medium enterprises without access to organised finance across India. As of June 20, only around 1.7 crore MSMEs had registered on Udyam out of the estimated 7 crore MSMEs in India, according to Crisil.
Issue Details
Issue opens: Aug. 3.
Issue closes: Aug. 7.
Total issue size: Rs 1,025 crore.
Face value: Rs 10 per share.
Fresh issue size: Rs 600 crore.
Offer-for-sale size: Rs 425 crore.
Shares for fresh issue: 10,52,63,157 shares.
Shares for OFS: 7,45,61,404 shares.
Price band: Rs 54–Rs 57 per share.
Lot size: 260 shares.
Listing: BSE and NSE.
The company has undertaken pre-offer placement of 2,72,72,727 equity shares for cash consideration of Rs 150 crore. Consequently, the size of the fresh issue has been reduced by Rs 150 crore to Rs 600 crore.
Use Of Proceeds
Augmenting the capital base to meet future capital requirements arising out of the growth of business and assets.
Promoter selling shareholders will receive the proceeds from the offer for sale after deducting proportionate related to the offer.
Subscription Day 1 Status
The IPO has been subscribed 1.91 times as of 5 p.m. on Thursday.
Institutional investors: 0.03 times.
Non-institutional investors: 4.12 times.
Retail investors: 2.06 times.
Employee reserved: 1.10 times.
All You Need To Know About SBFC Finance IPO
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