FiveStar Business Finance's IPO gets subscribed 32 per cent on second day

Non-banking financial company FiveStar Business Finance's initial public offering was subscribed 32 per cent on the second day of the issue on Thursday.

The company received bids for 97,81,244 shares against 3,04,88,966 shares on offer, according to data available on the National Stock Exchange (NSE).

The quota for Qualified Institutional Buyers (QIBs) was subscribed 1.01 times. Retail Individual Investors (RIIs) and Non-institutional Investors' portions were subscribed 6 per cent and 2 per cent, respectively.

For the Initial Public Offering (IPO), FiveStar Business Finance has fixed the price band of Rs 450-Rs 474 per share.

The company has raised Rs 588 crore from anchor investors.

The IPO is entirely an Offer For Sale (OFS) of shares to the tune of Rs 1,960 crore by existing shareholders and promoter group entities.

The Chennai-based NBFC is backed by investors like TPG, Matrix Partners, Norwest Ventures, Sequoia and KKR.

ICICI Securities, Kotak Mahindra Capital Company, Edelweiss Financial Services and Nomura Financial Advisory and Securities (India) Private Limited are the book-running lead managers to the issue.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)