Motilal Oswal IPO subscribed 23 times

Motilal Oswal IPO subscribed 23 times

Mumbai: Initial public offer of brokerage firm Motilal Oswal Financial Services has been subscribed over 23 times till the last day of its issue.

The IPO has received bids for 6,96,62,432 shares for the 29.82 lakh equity shares on offer, getting subscribed 23.36 times, latest data available on the exchanges show.

The company is expecting to raise up to Rs246 crore through the maiden offer at the upper end of the price band of Rs725-825.

The issue which constitutes 10% of the post issue paid-up capital of the company, would with the end of working hours on 23 August.

The portion reserved for FII has already been subscribed over four times , while the retail and non-institutional investors categories had remained undersusbcribed till 22 August.

Motilal Oswal Financial Services, the holding company, operates through four subsidiaries - Motilal Oswal Securities, Motilal Oswal Commodities Brokers, Motilal Oswal Venture Capital Advisors and Motilal Oswal Investment Advisors.

The IPO proceeds would be spent on providing working capital, financing facility for broking customers, additional office space and technology advancement for the firm.