Muthoot Microfin IPO subscribed 82% on first day of offer

The initial public offer of Muthoot Microfin, the microfinance subsidiary of Muthoot Pappachan group, got subscribed 82 per cent on the first day of offer on Monday.

Muthoot Microfin IPO subscribed 82% on first day of offer
The IPO has a price range of Rs 277-291 a share. Image Source: Freepik

The initial public offer of Muthoot Microfin, the microfinance subsidiary of Muthoot Pappachan group, got subscribed 82 per cent on the first day of offer on Monday.

The Rs 960 crore initial share sale received bids for 2,00,28,108 shares against 2,43,87,447 shares on offer, as per NSE data.

The quota for Retail Individual Investors (RIIs) received 1.37 times subscription while the portion for non-institutional investors got subscribed 60 per cent.

The Initial Public Offer (IPO) has a fresh issue of up to Rs 760 crore and an Offer for Sale (OFS) component of Rs 200 crore.The IPO has a price range of Rs 277-291 a share.

The company has mopped up Rs 284.99 crore from anchor investors. Muthoot Microfin is promoted by Muthoot Fincorp, which is the third-largest gold loan player and the flagship firm of Muthoot Pappachan group.

The company plans to use proceeds from the fresh issue for augmenting its capital base, to meet future capital requirements.ICICI Securities, Axis Capital, JM Financial and SBI Capital Markets are the managers to the offer.

 

 

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Written By: PTI
Updated: Mon, Dec 18, 2023
06:07 PM IST
PTI
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