Mumbai: The initial public offer (IPO) of brokerage firm Motilal Oswal Financial Services got fully subscribed on 20 August within first two hours of issue opening.
The IPO received bids for 29,81,776 shares for the 29.82 lakh equity shares on offer, latest data available on the exchanges show.
The company is expecting to raise up to Rs246 crore through the IPO at the upper end of the price band of Rs725-825.
The issue, constituting of 10% of the post issue paid-up capital of the firm, closes on 23 August.
Motilal Oswal Financial Services, the holding company, operates through four subsidiaries Motilal Oswal Securities, Motilal Oswal Commodities Brokers, Motilal Oswal Venture Capital Advisors, Motilal Oswal Investment Advisors.
The proceeds from IPO would be utilised to provide working capital, finance facilities for broking customers, get additional office space and for technological advancement of the firm.
Citigroup Global Markets India is the book running lead manager to the issue.