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IPO

Financial services co Abans Holdings' Rs.346-Cr IPO subscribed 1.10 times

MoneyControl  

The public issue of financial services company Abans Holdings was subscribed 1.10 times on December 15, the last day of the bidding. The IPO received bids for 1.40 crore shares against 1.28 crore on the offer. The INR 345.6-crore public issue comprises a fresh issue of INR 102.60 crore, and an offer for sale of INR 243 crore by promoter Abhishek Bansal. The price band for the offer was fixed at INR 256-270 per share. Qualified institutional buyers, subscribed 4.1 times the allotted quota of 10%, high networth individuals bought 1.48 times the reserved portion of 30% and retail investors bought 40% shares of the quota set aside for them (60% of the offer). Abans Holdings provides services such as global institutional trading, commodities and foreign exchange, private client stock broking, depositary services, asset management, investment advisory and wealth management to institutional and high net worth clients.The fresh funds will be used for augmentation of capital base of its NBFC subsidiary Abans Finance.