Fedfina IPO: Fedbank Financial Services raises ₹325 crore from anchor investors ahead of IPO | Mint
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Business News/ Markets / Ipo/  Fedfina IPO: Fedbank Financial Services raises 325 crore from anchor investors ahead of IPO
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Fedfina IPO: Fedbank Financial Services raises ₹325 crore from anchor investors ahead of IPO

Fedbank Financial Services raised ₹324.67 crore from anchor investors ahead of its IPO. 22 investors took part in the anchor book of Fedbank Financial Services' IPO, including Goldman Sachs and HDFC Mutual Fund.

Fedbank Financial Services raised ₹324.67 crore from anchor investors, a day before the opening of its initial public offering (IPO) on Tuesday, November 21.Premium
Fedbank Financial Services raised 324.67 crore from anchor investors, a day before the opening of its initial public offering (IPO) on Tuesday, November 21.

Fedbank Financial Services IPO: Fedbank Financial Services raised 324.67 crore from anchor investors, a day before the opening of its initial public offering (IPO) on Tuesday, November 21. The company listed the names of the 22 investors who took part in the anchor book in a regulatory filing. Additionally, the company mentioned four mutual funds that made applications via five schemes.

Also Read: Fedbank Financial Services shares worth 329.99 crore gets allotted to investors ahead of IPO

"The board of directors of the company in their meeting held on November 21, 2023, and the selling shareholders in consultation with the Book Running Lead Managers (BRLMs) to the offer, has finalised allocation of 23,191,374 equity shares to anchor investors at the anchor investor allocation price of 140 per equity share," the company said in an exchange filing.

Among the major anchor investors are Goldman Sachs (Singapore) PTE, Societe Generale, HDFC Mutual Fund, HDFC Life Insurance, SBI Life Insurance, Nippon Life India, Kotak Mahindra Life Insurance, Tata AIA Life Insurance, Bajaj Allianz Life Insurance, and Teach India.

Also Read: Flair Writing Industries bags 177 crore from anchor investors ahead of IPO launch

Participating domestic mutual funds included Edelweiss Trusteeship Co Ltd., Bandhan Emerging Business Fund, HDFC Mutual Fund, and Nippon Life India.

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ICICI Securities Ltd, BNP Paribas, Equirus Capital Private Ltd, and JM Financial Ltd are the BRLM to the issue, and Link Intime India Private Ltd is the registrar to the offer.

Fedbank Financial Services IPO details

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

Also Read: Tata Technologies IPO: GMP, price, lot size, review, other details. Apply or not?

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

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

As per the RHP, the company plans to use the net proceeds from the new issue, to increase its Tier-I capital base in order to meet future capital requirements that will arise from the expansion of its assets and business. Additionally, a portion of the new issue's proceeds will go towards covering offer expenses.

Also Read: Flair Writing IPO: GMP, price, review, other details in 10 points. Apply or not?

Fedbank Financial Services IPO GMP today

Fedbank IPO GMP today or grey market premium is +5. This indicated Fedfina share price today are trading at a premium of 5 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Fedbank Financial Services share price was indicated at 145 apiece, which is 3.57% higher than the IPO price of 140.

Also Read: Gandhar Oil IPO opens today: GMP, price, key dates and other details in 10 points

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 22 Nov 2023, 07:43 AM IST
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