The Initial Public Offer (IPO) of Abans Holdings, financial services arm of the Abans Group, was subscribed 11 per cent on the first day of subscription on Monday.

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The IPO received bids for 14,30,715 shares against 1,28,00,000 shares on offer, according to NSE data.

The category for non-institutional investors received 12 per cent subscription and Retail Individual Investors (RIIs) part was subscribed 13 per cent.

The IPO of up to 1.28 crore equity shares has a fresh issue of up to 38 lakh equity shares and an offer for sale of up to 90 lakh equity shares.

Price range for the offer is at Rs 256-270 a share.

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Proceeds from the fresh issue will be utilised towards investment in its NBFC subsidiary, Abans Finance, for financing the augmentation of its capital base to meet future capital requirements and for general corporate purposes.

The company operates a diversified global financial services business, providing Non-Banking Financial Company (NBFC) services, global institutional trading in equities, commodities and foreign exchange, private client stockbroking, depositary services, asset management services, investment advisory services, and wealth management services to corporates, institutional and high net worth individual clients.

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Currently, it has active businesses across countries, including UK, Singapore, UAE, China, Mauritius, and India.

Aryaman Financial Services is the book running lead manager to the offer.