Abans Holdings IPO: Nearly half of the total equity shares offered in the IPO have been subscribed so far on the last day with foreign investors (FIIs) continuing to be the biggest bidders. The portion reserved for qualified institutional buyers (QIBs) has oversubscribed by more than 2 times. While a slower pace of demand was seen among non-institutional investors (NIIs) and retail investors. In the grey market, the IPO traded at a premium of ₹5 per share.
As per the NSE data, at around 11.36 am, Abans Holdings IPO received cumulative bids of 63,41,610 equity shares — subscribing by 50% of the total offered size of 1,28,00,000 equity shares.
Further, the data revealed that the QIBs portion oversubscribed by 2.19 times. FIIs is the largest investor under QIBs with bids of 27,96,365 equity shares as of now. On the other hand, the portion reserved for NIIs and retail investors subscribed by 23% and 34%.
The IPO was launched on December 12 and will continue till December 15. Hence, Thursday is the last day for bidding on this issue.
Under the IPO, the company looks to raise around ₹345.60 crore from the public offer. The IPO consists of a fresh issue of 38 lakh equity shares and an offer for sale (OFS) of up to 90 lakh equity shares. From the total size, about 10% of the issue size is reserved for QIBs, while 30% is kept for NIIs and the highest portion which is about 60% is reserved for retail investors.
The price band is fixed at ₹256 per share to ₹270 per share at a face value of ₹2 each. The bid lot size is 55 equity shares and in multiples thereof.
About ₹80 crore proceeds from the fresh issue will be used to invest in the company’s NBFC subsidiary, Aban Finance for financing the augmentation of its capital base to meet its future capital requirements. Also, proceeds will be used for general corporate purposes.
Abans Holdings is a diversified global financial services business — providing NBFC services, global institutional trading in equities, commodities, and foreign exchange, private client stock broking, depositary services, asset management services, investment advisory services, and wealth management services to corporates, institutional and high-net-worth clients.
Post-IPO, the equity shares will be listed on exchanges like BSE and NSE.
With a GMP of ₹5, the IPO has the potential to list around ₹275 per share ( ₹5 plus ₹270 per share) as of now. Notably, the prospects of listing price may change going forward.
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