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Fusion Micro Finance IPO subscribed 27% on Day 2

Fusion Micro Finance IPO subscribed 27% on Day 2

Fusion Micro Finance IPO subscribed 27% on Day 2
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By Sandeep Singh  Nov 3, 2022 5:10:55 PM IST (Published)

Potential investors can bid for the Fusion Micro Finance IPO in a price range of Rs 350-368 in multiples of 40 till Friday, the final day of the bidding process.

Fusion Micro Finance's IPO secured subscription of 30 percent on Thursday, the second day of the bidding process. The IPO, worth up to Rs 1,104 crore including fresh issuance of shares of Rs 600 crore, received bids for 57.8 lakh shares by 5 pm as against the 2.1 crore shares on offer, according to provisional exchange data.

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CategoryReservation
Qualified institutional buyers50%
Non-institutional investors15%
Retail investors35%

The subscription window for the IPO of Fusion Micro Finance — a New Delhi-based financier — will be open for one more day from 10 am to 5 pm.
Potential investors can bid for the Fusion IPO in a price band of Rs 350-368 in multiples of 40 —  which makes one lot worth Rs 14,000-14,720.
The stock is likely to be listed on bourses BSE and NSE on November 15.
Should you subscribe to the Fusion Micro Finance IPO?
According to Hem Securities, Fusion Micro Finance's IPO values the company at a price-to-book multiple of 1.84 times basis the year ended March 2022.
"Fusion is a well-diversified company with an extensive pan-India presence and a strong rural focus. It has access to diversified sources of capital and effective asset liability management with robust underwriting process and risk
management policies," the brokerage said in a research note.
Its stable and experienced management team supported by marquee investors indicates decent fundamentals with strong growth potential in the future, said Hem Securities, suggesting investors to subscribe to the IPO.
Meanwhile, the IPOs of two other companies are open for subscription: Bikaji Foods International and Global Health (Medanta).
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