The Federal Bank’s subsidiary, Fedbank Financial Services shares will also be listed at the bourses today. The issue was subscribed 2.24 times and the company fixed the price at ₹140.

The ₹1,092-crore issue was a fresh issue of 4.29 crore shares aggregating to ₹600.77 crore, and an offer-for-sale (OFS) of 3.52 crore shares to the tune of ₹492.26 crore.

 While Federal Bank offloaded 1.65 crore shares, True North Fund VI LLP divested 5.38 crore shares.

It also has a quota for employees, who will get a discount of Rs 10 a share. The retail segment, which received a discount of ₹10 a share, subscribed 1.88 times. The non-institutional investors’ quota was subscribed 1.49 times, and while the employee portion witnessed a subscription rate of 1.34 times. The QIB portion saw 3.48 times.

The net proceeds from the fresh issue will be used towards augmenting its Tier-I capital base to meet its future capital requirements and offer expenses.

Fedbank Financial Services on Tuesday raised ₹325 crore from anchor investors. The company has allotted 2.32 crore equity shares to 22 funds at ₹140 per piece.

Among the investors who that participated in the anchor book were include -- Goldman Sachs (Singapore) Pte, Copthall Mauritius Investment Ltd, Integrated Core Strategies (Asia) Pte, Citigroup Global Markets Mauritius, Bandhan Mutual Fund (MF), HDFC MF and Edelweiss MF. SBI Life Insurance Company, HDFC Life Insurance Company, Kotak Mahindra Life Insurance Company, Tata AIA Life Insurance Company and Bajaj Allianz Life Insurance Company are among the other investors.  

ICICI Securities, BNP Paribas, Equirus Capital and  JM Financial are the book-running lead managers of the Fedbank Financial Services IPO.

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