IPO Update: Spandana fully subscribed; Sterling 34 pc at noon

The initial public offering of Spandana Sphoorty Financial was fully-subscribed on the last day of its subscription, while Sterling & Wilson Solar is subscribed 0.34 times at 12:00 noon on its last day of subscription.

Spandana Sphoorty Financial received 1,03,27,585 bid for its total issue size of 98,22,367 shares. The IPO was subscribed 1.05 times at closing. Of the total bids, 3,36,872 bid were placed at cut-off price.

Meanwhile, the IPO of Sterling & Wilson Solar was slowing gaining traction in the afternoon session. The Rs. 3,125 crore IPO is offered at a price band of Rs. 775 to 780 per equity share of face value Re. 1. The minimum bid lot is of 19 equity shares.

At 12:00 hours, on Wednesday, the issue was subscribed 0.34 times. The cumulative bid received at both the exchanges were 74,97,609 bids for the total issue size of 2,21,77,418. Of which total bids received at cut-off price were 5,55,655 bids.

Earlier, for the pre-IPO anchor investor portion, major investors were led by Normura India Investment Fund Mother Fund which lapped up 16 per cent of the portion, followed by Schroder International Selection Fund Emerging Asia with 10.27 per cent, Abu Dhabi Investment Authority with 8.82 per cent, Carmignac Portfolio with 7.84 per cent, Reliance Capital Trustee – Reliance Focused Equity Fund with 7.11 per cent and Key Square Master Fund with 7.30 per cent. The IPO Committee finalised the allocation of 1,80,28,846 equity shares to Anchor Investors at the upper end of the IPO price band of Rs. 780 per share.