Abans Holdings IPO Receives 1.10 Times Subscription On Last Day Of Offer

The initial public offer of Abans Holdings, the financial services arm of the Abans Group, received 1.10 times the subscription as the issue ended on Thursday.
     
The initial share sale got bids for 1,40,22,250 shares against 1,28,00,000 shares on offer, according to data available with the NSE.
     
The category meant for Qualified Institutional Buyers (QIBs) was subscribed 4.10 times, non-institutional investors got 1.48 times subscription, and Retail Individual Investors (RIIs) 40 per cent.
     
The initial public offering of Abans Holdings got subscribed 46 per cent on the third day of the offer on Wednesday.
     
The Initial Public Offer (IPO) of up to 1.28 crore equity shares had a fresh issue of up to 38 lakh equity shares and an offer for the sale of up to 90 lakh equity shares.
     
The price range for the offer was at Rs 256-270 a share.
     
Proceeds from the fresh issue will be utilised towards investment in its NBFC subsidiary, Abans Finance, for financing the augmentation of its capital base to meet future capital requirements and for general corporate purposes.
     
The company operates a diversified global financial services business, providing Non-Banking Financial Company (NBFC) services, global institutional trading in equities, commodities and foreign exchange, private client stockbroking, depositary services, asset management services, investment advisory services, and wealth management services to corporates, institutional and high net worth individual clients.
     
Currently, it has active businesses across countries, including the UK, Singapore, UAE, China, Mauritius, and India.
     
Aryaman Financial Services was the manager of the offer.