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Bandhan Bank IPO covered nearly half on day 1; Temasek, ADIA among anchors

15 March, 2018

Bandhan Bank Ltd’s initial public offering (IPO) approached the halfway mark on the first day on Thursday led by institutional investors.

The public issue comprising 83.49 million shares, excluding the anchor allotment, received bids for 35 million shares. The book was subscribed 42% at the end of day one, stock exchange data showed.

Institutional buyers bid for 29.98 million shares, or 1.25 times the portion reserved for them. High net-worth individuals and corporate bodies bid for a handful of shares from their quota, the data showed.

The portion set aside for retail investors, who cannot individually bid for shares exceeding Rs 2 lakh in value, was covered 11%.

The IPO will close on Monday, 19 March.

The Kolkata-based microfinance lender had raised Rs 1,342 crore ($207 million) from a clutch of anchor investors, including the sovereign wealth fund of Abu Dhabi and Singapore state investment firm Temasek Holdings (Private) Limited, a day ahead of the IPO.

Abu Dhabi Investment Authority (ADIA), which has come in as an anchor investor in IPOs of several Indian companies over the past year, bought about 1.07 million shares.

Seatown Swordfish Pte Ltd, a wholly-owned subsidiary of Temasek, bought 2.66 lakh shares.

In all, the lender sold 35.78 million shares to 65 anchor investors at Rs 375 apiece, it said in a stock-exchange filing.

Other investors mostly included mutual funds and insurance companies.

Bandhan Bank, which counts Singapore sovereign wealth fund GIC Pte Ltd and International Finance Corporation (IFC) among its backers, has set a price band of Rs 370-375 per share for the IPO.

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Bandhan Bank IPO covered nearly half on day 1; Temasek, ADIA among anchors

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