India Shelter Finance IPO Subscribed 1.48 Times

New Delhi, Dec 13 (PTI) The initial share sale of affordable housing finance company India Shelter Finance Corporation was subscribed 1.48 times on the first day of subscription on Wednesday.

The Rs 1,200-crore Initial Public Offering (IPO) received bids for 2,65,05,630 shares against 1,79,10,449 shares on offer, as per data.

The portion for Retail Individual Investors (RIIs) got subscribed 1.89 times, the quota for non-institutional investors received 1.74 times subscription and the category for Qualified Institutional Buyers (QIBs) 57 per cent.

The IPO has a fresh issue of up to Rs 800 crore and an Offer For Sale (OFS) of up to Rs 400 crore.

The price range for the offer is Rs 469-493 a share.

India Shelter Finance on Tuesday said it has collected Rs 360 crore from anchor investors.

Those offering shares in the OFS include Catalyst Trusteeship Ltd, Madison India Opportunities IV, MIO Starrock, Nexus Ventures III Ltd, and Nexus Opportunity Fund II Ltd.

Proceeds of the fresh issue will be used to meet future capital requirements towards onward lending and for general corporate purposes.

India Shelter Finance, which is backed by Westbridge Capital and Nexus Venture Partners, is a retail-focused affordable housing finance company with an extensive distribution network and technology infrastructure.

The company's target segment is self-employed customers with a focus on first-time home loan takers in the low and middle-income groups in Tier-II and Tier-III cities in India.

ICICI Securities, Citigroup Global Markets India, Kotak Mahindra Capital Company and Ambit Private Ltd are the managers to the offer.