The Initial Public Offer (IPO) of Abans Holdings, financial services arm of the Abans Group, was subscribed 28 per cent on the day two of offer on Tuesday.

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The IPO received bids for 35,27,260 shares against 1,28,00,000 shares on offer, as per NSE data.

The portion for Qualified Institutional Buyers (QIBs) was fully subscribed, while the category for Retail Individual Investors (RIIs) received 23 per cent subscription and non-institutional investors 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.

The offer has a price range of Rs 256-270 a share.

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.

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

Aryaman Financial Services is the manager to the offer.