Spandana Sphoorty IPO: Spandana Sphoorty IPO subscribed 30% on Day 2

Initial public offering by Spandana Sphoorty Financial got subscribed by 30 per cent on the second day of the offer on Tuesday.

The public issue got bids for 29,89,433 shares against the total issue size of 98,22,367 shares.

The company will raise around Rs 1,200 crore from the primary market.

The IPO comprises a fresh issue of Rs 400 crore and an offer for sale of 93,56,725 equity shares, including an anchor portion of 42,08,886 equity shares.

Spandana Sphoorty has fixed a price band of Rs 853-856 per share for the public offer, which will close on Wednesday.

The company had earlier raised Rs 360.28 crore from 18 anchor investors last week.

The net proceeds from the fresh issue are proposed to be utilised towards augmenting the company’s capital base to meet future requirements and general corporate purposes.

The equity shares of the firm are proposed to be listed on BSE and NSE.

Axis Capital, ICICI Securities, IIFL Securities, JM Financial, IndusInd Bank and YES Securities India are managing the offer.