The initial public offering (IPO) of RBL Bank was subscribed 3.08 times with investors bidding for 11.68 crore shares of the total 3.79 crore shares on offer. RBL Bank aims to raise Rs 1,212.97 crore (when calculated at the upper end of the price band) in the price band Rs 224-Rs 225 per share. The IPO comprises a fresh issue equity shares aggregating Rs 832.50 crore and an offer for sale (OFS) of over 1.69 crore shares by Beacon India private equity fund, GPE India and other shareholders.
Qualified institutional buyers (QIBs) bid 4.28 times of their quota or 4.64 crore shares of the 1.08 crore shares reserved for them. High net-worth individuals (HNIs) bid for 87.26 lakh shares of the 81 lakh shares reserved for them, 1.08 times the quota. Retail investors bid for nearly 3.26 times of their quota or 6.16 crore shares of the 1.89 crore shares reserved for them.
On August 18, the bank raised Rs 363.89 crore by allotting 1.61 crore shares to 25 anchor investors at a price of Rs 225 apiece. Among the investors who were allotted shares in the pre IPO placement include Goldman Sachs India Fund, HSBC Global Investment Funds, Reliance Capital Trustee, HDFC Trustee Company, SBI Mutual Fund and Birla Sun Life Trustee Company among others.
In a pre-IPO placement held on December 16, 2015, RBL Bank allotted 2.5 crore shares at a price of Rs 195 per share to investors, amounting to Rs 487.5 crore. CDC Group, Asian Development Bank, DVI Fund (Mauritius) were among these investors. For the year to March 2016, RBL’s total income grew by 37 per cent year-on-year and net profit was up by 41.19 per cent. FE