The public offer got bids for 80,74,507 shares, which was 1.02 times of the total issue size of 1,01,07,486 shares. The QIB portion was subscribed 3.05 times, NII 0.55 times while the retail quota limit was subscribed 0.09 times at around 4 pm.
Spandana Sphoorty had fixed a price band of Rs 853-856 per share for the public offer.
At the upper end of the price band, the issue is demanding valuation at price-to-adjusted book value (P/ABV) of 2.4 times. Peers such as Creditaccess Grameen trades at P/ABV of 3.4 times while Satin Credit Care commands 1.1 times.
The company intends to raise around Rs 1,200 crore from the public. It had last week raised Rs 360.28 crore from 18 anchor investors. 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.
The net proceeds 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.
