Fusion Micro Finance's IPO to raise up to Rs 1,104 crore concluded on Friday with a subscription of almost three times. By 5 pm on the final day of the bidding process, the IPO — which included fresh issuance of shares worth Rs 600 crore — received bids for 6.3 crore shares against the 2.1 crore shares on offer, with strong interest from qualified institutional buyers (QIBs), according to provisional exchange data.
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The portion reserved for QIBs received bids for 5.1 crore shares against the 59.6 lakh shares on offer.
Out of the total shares on offer, 50 percent were reserved for QIBs, 15 percent for high net worth investors and 35 percent for retail investors.
Fusion Micro Finance shares are likely to be listed on stock exchanges BSE and NSE on November 15.
Potential investors could bid for shares of Fusion Micro Finance — a New Delhi-based financier — in a price band of Rs 350-368 in multiples of 40.
Fusion Micro Finance saw a 4.7 percent increase in revenue to Rs 82.8 crore for the year ended March 2022 compared with the corresponding period a year ago, according to its red herring prospectus.
Brokerages held mixed views on the Fusion Micro Finance IPO.
Angel One had assigned a 'neutral' rating on the issue, suggesting investors to consider participating in the issue from a medium-to-long-term view.