Aavas Financiers IPO receives bids for over 1 crore shares

The initial public offer of housing finance company Aavas Financiers was subscribed 97 percent on the third day of bidding Thursday.

The Rs 1,734-crore IPO received bids for 1,43,96,076 shares against the total issue size of 1,47,85,027 shares, as per data available with the BSE till 06:00 PM.

The category reserved for qualified institutional buyers (QIBs) was subscribed 2.77 times, noninstitutional investors 26 percent and retail investors 25 percent, the BSE data showed.

The IPO comprises of fresh issue of up to Rs 400 crore and an offer for sale of up to 1,62,49,359 equity shares, including anchor portion of 63,36,439 equity shares.

The price band for the offer is set at Rs 818-821 per share.

Aavas Financiers Monday raised Rs 520 crore from anchor investors.

ICICI Securities Limited, Citigroup Global Markets India Private Limited, Edelweiss Financial Services Limited, Spark Capital Advisors (India) Private Limited and HDFC Bank are managing the issue.

The shares of the company will be listed on BSE and NSE.

Aavas Financiers offers housing loans to customers from low and middle-income segments in semi-urban and rural areas.