Fedbank Financial Services IPO allotment finalized, shares to list on BSE and NSE

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Fedbank Financial Services IPO allotment finalized, shares to list on BSE and NSE
Credit: © Reuters.

The initial public offering (IPO) of Fedbank Financial Services, a company known for providing Gold Loans and other financial services across numerous districts, has recently progressed through several key stages. After initiating the IPO on Wednesday last week, the subscription closed on Friday with the issue being oversubscribed across various investor categories. Institutional investors subscribed 3.51 times the shares offered to them, non-institutional investors subscribed 1.45 times, and retail investors subscribed 1.81 times.

Today marks a significant milestone for the company and its potential investors, as the finalization of the share allotment is expected. The process has been eagerly awaited since the closure of the IPO subscription. Following this, on Wednesday, refunds will commence for those not allotted shares, and for successful investors, shares are scheduled to be credited to their Demat accounts.

The IPO's issue size reached ₹1,092.26 crores, with a fresh issue constituting ₹600.77 crores (INR100 crore = approx. USD12 million) through the sale of 42 million shares. The offer for sale amounted to ₹492.26 crores, involving 35 million shares. The price range for the IPO was set at ₹133-140 per share, with a lot size of 107 shares.

The anticipation builds toward Thursday, when Fedbank Financial Services is set to make its debut on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). This IPO represents a significant step for Fedbank Financial Services as it seeks to expand its presence and continue providing financial services to its customers nationwide.

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