Fedbank Financial Services raises Rs 325 crore from anchor investors ahead of IPO – Times of India

by The Technical Blogs

NEW DELHI: Fedbank Financial Services, a subsidiary of south-based Federal Bank, on Tuesday said it has collected Rs 325 crore from anchor investors ahead of its initial public offering (IPO). The company has allotted 2.32 crore equity shares to 22 funds at Rs 140 per piece, according to a circular uploaded on the BSE website.
Among the investors that participated in the anchor book include – Goldman Sachs (Singapore) Pte, Copthall Mauritius Investment Ltd, Integrated Core Strategies (Asia) Pte, Citigroup Global Markets Mauritius, Bandhan Mutual Fund (MF), HDFC MF and Edelweiss MF.
SBI Life Insurance Company, HDFC Life Insurance Company, Kotak Mahindra Life Insurance Company, Tata AIA Life Insurance Company and Bajaj Allianz Life Insurance Company are among other investors.
The maiden public issue, with a price band of Rs 133-140 per share, will be open for three days starting November 22.
The issue is a combination of a fresh issue of 4.29 crore shares aggregating to Rs 600.77 crore and an offer for sale (OFS) of 3.52 crore shares to the tune of Rs 492.26 crore.
Under the OFS, Federal Bank will offload 1.65 crore shares, and True North Fund VI LLP will divest 5.38 crore shares.
Fedfina proposes to utilise the net proceeds from the fresh issue towards augmenting the Tier-I capital base to meet its future capital requirements and offer expenses.
ICICI Securities, BNP Paribas, Equirus Capital and JM Financial are the book-running lead managers of the Fedbank Financial Services IPO.
On Monday, Fedbank Financial Services raised Rs 330 crore in a pre-IPO placement round. SBI Life Insurance, Star Union Dai-chi, Yasya Investments, Nuvama Crossover III, and Nuvama Crossover IIIA are some of the key investors in the round.
The pre-IPO placement comprised 23,57,148 equity shares at the upper end of the price band of Rs 140 apiece.

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