Pranam,
The initial public offer of L&T Finance Holdings has received overwhelming response from all categories of investors out of which retail bought the highest. As per the data available on National Stock Exchange, the issue has subscribed five times on the last day,
Majority of the bids were seen at the lower end of the price band of Rs 51-59 as some experts felt that the issue was highly priced though. Another reason could be that the pre-IPO placement of Rs 330 crore was at Rs 55 a share while anchor book of Rs 153 crore got subscribed at Rs 56 a share.
The issue has received bids for 106.7 crore equity shares (i.e. around Rs 5,442 crore worth of shares at Rs 51) against approximate issue size of 21.45 crore shares.
Reserved portion of retail investors was subscribed 9.33 times while non-institutional investors' portion got subscribed 6.18 times and qualified institutional buyers 1.92 times.
Reserved portion of shareholders and employees subscribed 2 times & 0.84 times, respectively.
The company aims to mop up about Rs 1092 crore through the issue. Parent company Larsen and Toubro 's (L&T) stake in the company will be reduced to 83% post issue.
Currently, L&T holds a 95.94% stake in L&T Finance Holdings and US-based private equity fund Capital International holds the remaining 4.06% stake.
Company intends to use issue proceeds for augmenting the capital base of L&T Finance and L&T Infra to meet the capital requirements arising out of expected growth in their assets, primarily the loan portfolio.
THANK YOU ALL INVESTORS FOR MAKING OUR ONLINE BIDDING PLATFORM SUCCESSFULL.
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Have a Gr8 Day,
Warm Regards,
۞ ALLIES FINANCIAL SERVICES
Head Off : Borivali(w), Mumbai, INDIA
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