The initial public offer of non-banking finance company Indostar Capital Finance was subscribed 69 per cent on the second day of bidding...

The initial public offer of non-banking finance company Indostar Capital Finance has subscribed 69 percent on the second day of bidding today. The Rs 1,844-crore IPO received bids for 1,55,94,982 shares against the total issue size of 2,25,75,438 shares, NSE data showed. The category set aside for qualified institutional buyers (QIBs) was subscribed 1.80 times, non-institutional investors 3 percent and retail investors 34 percent. The issue, which is in a price band of Rs 570-572 per share, would close for bidding tomorrow. The IPO is of fresh issue of up to Rs 700 crore and an offer for sale of up to 2 crore equity shares (including anchor portion of 9,671,328 equity shares).

Indostar Capital Finance on Tuesday raised a little over Rs 553 crore from anchor investors. Proceeds of the fresh issue will be used to augment capital base to meet future capital requirements. JM Financial, Kotak Mahindra Capital Company, Morgan Stanley India Company, Motilal Oswal Investment Advisors and Nomura Financial Advisory and Securities (India) are managing the issue.