Shares of SBFC Finance on Wednesday listed at a premium of 44 per cent on the stock exchanges against the issue price of Rs 57. On NSE, SBFC Finance shares listed at Rs 82, a premium of Rs 43.8 per cent, while on BSE, it listed at Rs 81.99.
Soon after listing, SBFC Finance’s stock jumped further, to hit an intraday high of Rs 91.50, up 60.5 per cent from its issue price of Rs 57.
At the time of writing, SBFC Finance shares were trading at Rs 90.05, up 10 per cent from its listing price, and at a premium of 60 per cent from its issue price.
SBFC Finance’s IPO had opened for public subscription from August 3 to August 7, and was fully subscribed on day 1 of the issue. On the last day of subscription, the IPO of non-banking finance company was subscribed 75.80 times, helped by an overwhelming participation from institutional buyers.
According to NSE data, the NBFC’s Rs 1,025 crore-initial share sale had received bids for 7,98,38,68,100 shares against 10,53,25,317 shares on offer. SBFC Finance had set a price range of Rs 54-57 for its IPO.
On August 2, SBFC Finance said it had raised a little over Rs 304 crore from anchor investors.
In its IPO, the Qualified Institutional Buyers (QIBs) category was subscribed 192.89 times while the non-institutional investors quota received 49.09 times subscription. Meanwhile, Retail Individual Investors (RIIs) category got subscribed 10.99 times.