Mumbai: The Rs1,844 crore initial public offering (IPO) of non-banking financial company (NBFC) IndoStar Capital Finance Ltd witnessed an overall subscription of 6.74 times on Friday, the last day of the share sale.

As of 6pm, the portion of shares reserved for institutional investors saw a subscription of 16.05 times, while those kept aside for retail investors and high net-worth individuals (HNIs) were subscribed 1.34 times and 6.92 times, respectively.

The Everstone Group-backed company had set a price band of Rs570-572 per share. At the upper end of the price band, the share sale values the lender at Rs4,513 crore.

The IPO comprised a fresh issue of Rs700 crore and an offer-for-sale (OFS) of 20 million shares by the promoters of IndoStar Capital.

IndoStar Capital Finance was started in 2011 by private equity investors Everstone Capital, ACPI Investment Managers, Beacon India Fund and CIDB Capital. Everstone holds a 51.24% in IndoStar Capital.

Proceeds from the fresh issue will be used to augment the capital base to meet the future capital requirements of the NBFC.

The NBFC’s principal lines of business include corporate lending, small and medium enterprise (SME) lending, vehicle and housing finance.

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