Jana Small Finance Bank IPO Subscribed 1.83 Times on Day 2

New Delhi, Feb 8 (PTI) The Initial Public Offer (IPO) of Jana Small Finance Bank got subscribed 1.83 times on the day two of subscription on Thursday.

Private equity majors TPG and Morgan Stanley-backed IPO received bids for 1,85,40,108 shares against 1,01,16,284 shares on offer, as per data available with the NSE.

The part for non-institutional investors got subscribed 3.05 times while the category for Retail Individual Investors (RIIs) fetched 2.31 times subscription. The portion for Qualified Institutional Buyers (QIBs) received 19 per cent subscription.

The Bengaluru-headquartered firm's initial public offer has a fresh issue of up to Rs 462 crore and an offer for sale component of up to 2,608,629 equity shares.

The IPO comes in a price range of Rs 393-414 a share.

Jana Small Finance Bank on Tuesday garnered Rs 167 crore from anchor investors.

Jana Holdings, the promoter holding 32 per cent of the bank, will reduce its stake to around 25 per cent after the issue.

The bank will use the money from the fresh issue to augment its core capital to meet future capital requirements and improve its capital adequacy ratio.

Axis Capital, ICICI Securities and SBI Capital Markets are the managers to the offer.