IPO of housing finance company Aavas Financiers subscribed 29 percent on Wednesday

The initial public offer of housing finance company Aavas Financiers was subscribed 29 percent on the second day of bidding Wednesday.

The IPO to raise Rs 1,734 crore received bids for 43,17,174 shares against the total issue size of 1,47,85,027 shares, data available with the NSE showed.

The category reserved for qualified institutional buyers (QIBs) was subscribed 81 percent, noninstitutional investors 12 percent and retail investors 7 percent, merchant banking sources said.

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

The price band for the offer has been fixed at Rs 818-821 per share.

Aavas Financiers Monday raised Rs 520 crore from anchor investors.

ICICI Securities, Citigroup Global Markets India, Edelweiss Financial Services, Spark Capital Advisors (India) 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.