Fedfina IPO: Fedbank Financial Services raises ₹329.99 crore in pre-IPO placement

ICICI Securities Ltd, BNP Paribas, Equirus Capital Private Ltd, and JM Financial Ltd BRLM are the issuers, while Link Intime India Private Ltd is the offer registrar. The allocation to anchor investors for the Fedfina IPO is scheduled to take place today (Tuesday, November 21).

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Pre-IPO Placement shares include 1,112,141 equity shares valued at 15.57 crore to SBI Life Insurance; 1,627,475 equity shares valued at 22.785 crore to Star Union Dai-chi; 6,030,716 equity shares valued at 84.43 crore to SBI Life Insurance; 3,928,571 equity shares valued at 55 crore to Yasya Investments; 3,729,668 equity shares valued at 52.215 crore to Star Union Dai-chi; 3,928,571 equity shares valued at 55 crore to Nuvama Crossover III; 3,214,286 equity shares valued at 45 crore to Nuvama Crossover IIIA.

Also Read: Tata Technologies IPO: GMP, price, other details as issue opens tomorrow. Should you apply?

Percentage of the company’s share capital before the Offer after the transfer mentioned below:

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Percentage of the company’s share capital before the Offer after the transfer (BSE)

Fedbank Financial Services IPO details

The Fedbank Financial Services IPO subscription date is scheduled for Wednesday, November 22, and will close on Friday, November 24. Fedbank Financial Services IPO price band was set in the range of 133 to 140 per equity share of the face value of 10.

Federal Bank Fedfina’s IPO arm comprises a fresh issue of equity shares up to value 600 crore offer and an offer for sale (OFS) of up to 35,161,723 equity shares from the promoters selling shareholders and the promoter group, which has a face value. 10 per equity share, according to RHP.

Also Read: Federal Bank arm Fedfina files papers with SEBI for IPO

Federal Bank, the promoter shareholder, may sell up to 5,474,670 equity shares, and True North Fund VI LLP, the selling investor shareholder, may sell up to 29,687,053 equity shares, of the offer for sale up to 35,161,723 equity shares.

According to the RHP, the company intends to use the net proceeds from the new issue, to increase its Tier-I capital base to meet future capital needs arising from the expansion of its assets and business. In addition, part of the proceeds of the new issue will go to cover the costs of the offering.

In addition, the company expects to reap the benefits of listing the equity shares on the stock exchanges, including enhancing the company’s brand name and creating a public market for the equity shares in India, said the company in its RHP.

Also read: FedFina IPO: Federal Bank revives issuance plans

Fedbank Financial Services IPO GMP today

Today’s Fedbank IPO GMP or gray market premium is +5. This indicated that today Fedfina’s share price is trading at a premium 5 in the gray market, according to investorgain.com.

Taking into account the upper end of the IPO price band and the current premium in the gray market, the estimated listed price of the Fedbank Financial Services share price was shown at 145 apiece, which is 3.57% higher than its IPO price 140.

A ‘grey market premium’ indicates the willingness of investors to pay more than the issue price.

Also read: Fedbank Financial Services IPO opens on November 22, price band set at 133-140 each

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Updated: 21 November 2023, 02:24 PM IST

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