RBL Bank IPO gets fully subscribed on Day 2

Private sector lender RBL Bank gets fully subscribed by 1.43 times from the issued shares on the second day of the sale. 

RBL Bank`s up to 12.13 billion rupees ($182 million) initial public offering was fully subscribed on the second day of the sale on Monday, stock exchange data showed, said Reuters. 

Nearly 3.97 crore shares were subscribed by the investors from the 3.79 crore shares offered. 

RBL was selling new shares at the lower price band of Rs 224 and upper price band of Rs 225 in order to raise around Rs 1213 crore from which around Rs crore was via offer for sale (OFS). 

Investors had bid around 4.87 lakh shares within the first two hours of the Day 2 against the total issue size. 

Last week on Friday, the RBL bank IPO gathered 54% subscription by receiving bids of around 2.03 crore shares. 

Cornerstone investors last week bought 3.64 billion rupees worth of shares as part of the IPO, a Reuters report. 

Axis Bank, Citigroup, Morgan Stanley and Kotak Mahindra Capital are global merchant banker for the public offer, while ICICI Securites, IDFC Securities, IIFL, SBI Cap and HDFC Bank are the lead managers for domestic markets.