Religare fixes IPO price at Rs185 per share

Religare fixes IPO price at Rs185 per share

Mumbai: Religare Enterprises, a financial services provider led by the promoters of Ranbaxy Laboratories, has fixed the price of its initial public offer (IPO) at the higher end of its price-band at Rs185.

The IPO of Religare, received robust response from investors and was subscribed by over 160 times.

The Qualified Institutional Bidders (QIB) portion was subscribed nearly 185 times, while the retail bidders share was subscribed around 93.5 times.

The company had fixed the price band at Rs160-185 for 7,576,102 equity shares on offer.

The issue would constitute 10% of the fully diluted post-issue capital of the company. Its equity shares would be listed on the National Stock Exchange and the Bombay Stock Exchange.

The issue was graded by ICRA Ltd and was assigned the IPO grade three on a five point scale, a release issued by Religare said.

The funds raised through IPO would be invested for expansion of domestic operations and branch network, it added.

Religare is a holding company of 11 subsidiaries, engaged in offering financial services targeted at retail, high net worth individuals besides corporate and institutional clients.

The company recently sold 5% stake to Indopark Holdings, a subsidiary of Merrill Lynch for Rs60.6 crore.