Private Equity

Liquidity Events

Fedbank Financial Services' Rs.1,092-Cr IPO subscribed 2x

Economic Times  

The INR 1,092 crore initial public offering (IPO) of Fedbank Financial Services was fully subscribed. The overall subscription stood at 2.2 times at close. The retail portion of the issue was subscribed 1.82 times, and the non-institutional category, 1.45 times. The allocation for qualified institutional bidders was booked 3.51 times. The IPO comprises fresh equity issue worth INR 600 crore along with an OFS of 3.51 crore equity shares. Under the OFS, Federal Bank will offload 54.7 lakh shares and private equity investor True North Fund VI LLP will sell 2.96 crore shares. The price band of the issue is fixed at INR 133-140. Fedbank Financial focuses on catering to the MSMEs and the self-employed individuals sector.