Muthoot Microfin IPO subscribed 11.52 times on last day of offer

The initial public offer of Muthoot Microfin, the microfinance subsidiary of Muthoot Pappachan group, received 11.52 times subscription on the closing day of bidding on Wednesday.

The Rs 960 crore-IPO attracted bids for 28,09,80,216 shares against 2,43,87,447 shares on offer, according to the NSE data.

The category for Qualified Institutional Buyers (QIBs) got subscribed 17.47 times while the portion for non institutional investors received 13.20 times subscription. The portion for Retail Individual Investors (RIIs) got subscribed 7.61 times.

The initial public offer had a fresh issue of up to Rs 760 crore and an Offer for Sale of Rs 200 crore.

The price range for the offer was Rs 277-291 a share.

The company had raised Rs 284.99 crore from anchor investors.

Muthoot Microfin is promoted by Muthoot Fincorp, which is the third-largest gold loan player and the flagship firm of Muthoot Pappachan group.

The company plans to use proceeds from the fresh issue for augmenting its capital base, to meet future capital requirements.

ICICI Securities, Axis Capital, JM Financial and SBI Capital Markets were the managers to the offer.