The initial public offerings (IPOs) of Protean eGov Technologies, ESAF Small Finance Bank and ASK Automotive are currently open for public subscription. Here’s a brief look at subscription status and other details.
ESAF Small Finance Bank
The public offer of ESAF Small Finance Bank (SFB) was booked nearly 19x on the third day of the bidding process. The issue closes today.
The NII category was subscribed the most at 50.65x, followed by retail investors at 12.45x. The QIB portion subscription rate stood at 8.3x.
According to market analysts, the company’s shares are commanding a premium of Rs 19 in the unlisted market.
The Rs 463-crore IPO includes a fresh equity issue of Rs 391 crore and an offer for sale (OFS) of Rs 72 crore. Under the OFS, promoter selling shareholder ESAF Financial Holdings will offload stake worth Rs 49 crore and other selling shareholders PNB MetLife and Bajaj Allianz Life make up for the remaining OFS portion.
The IPO is priced in the range of Rs 57-60. Investors can bid for a minimum of 250 shares and in multiples thereafter.
About 50% of the issue is reserved for qualified institutional buyers, 15% for non-institutional investors and the rest 35% for retail investors.
ESAF Small Finance Bank has a focus on unbanked and under-banked customer segments, especially in rural and semi-urban areas.
Protean eGov Technologies
The IPO of Protean eGov Technologies was subscribed 2.13x so far on the second day of the bidding process. The issue closes tomorrow.
The retail and NII categories were booked 2.81x and 3.61x so far, respectively. The QIB category was booked just 1%.
The company’s grey market premium (GMP) is around Rs 95.
The issue is completely an offer for sale of 61.9 lakh shares. Under the OFS, 360 One Special Opportunities Fund, NSE Investments, HDFC Bank, Axis Bank, and Deutsche Bank among others will offload their partial stakes.
The company fixed a price band of Rs 752-792 per share, and at the upper end, it plans to raise Rs 490 crore.
About 50% of the issue size has been reserved for qualified institutional investors, 35% for retail investors, and the remaining 15% for non-institutional investors.
Protean eGOV Technologies is a leading IT-enabled solutions company engaged in conceptualizing, developing and executing nationally critical and population-scale greenfield technology solutions. It has over 25 years of experience in creating digital infrastructure and governance solutions.
ASK Automotive
The public offer of ASK Automotive was subscribed 19% so far on the first day of the bidding process. The issue closes on November 9.
The retail portion of the issue was subscribed the most at 31%, followed by NIIs at 15%. There were no bids yet from QIBs.
The offer comprises entirely an offer for sale (OFS) of up to 2.95 crore equity shares. Under the OFS, promoters Kuldip Singh Rathee and Vijay Rathee will offload 2.06 crore shares and 88.7 lakh shares respectively.
The company has fixed a price band of Rs 268-282 per equity share for the IPO. Investors can bid for a minimum of 53 shares and in multiples thereafter.
ASK Automotive supplies safety systems and critical engineering solutions with in-house designing, developing and manufacturing capabilities. It is the largest manufacturer of brake-shoe and advanced braking systems for two-wheelers in India with a market share of 50% in FY2023.
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