RBL Bank makes blockbuster debut on bourses, trading 33.7 per cent up up at Rs 300.90

RBL Bank made a stellar debut on bourses on Wednesday with the stock listing 22 per cent higher at Rs 274.20 on NSE against the issue price of Rs 225. At 11.10 am, shares of the private lender were trading 33.7 per cent up at Rs 300.90 on NSE. The stock touched a day’s high of Rs 300.90 and a low of Rs 274.20 during the trade so far.

The IPO of the company had received an overwhelming response from investors as it was oversubscribed by 69.50 times. The initial public offer had got bids for 2,63,40,58,310 shares against 3,79,01,919 shares offered by the the lender. RBL Bank had fixed a price band of Rs 224-255 for the initial public offer. The issue was opened for subscription from August 19 to August 23.

The bank had plans to garner around Rs 1,213 crore at the upper price band of Rs 225. On August 18, RBL Bank raised around Rs 363.89 crore from 25 anchor investors by allotting 1.61 crore shares at a price of Rs 225 apiece. In a pre-IPO placement which was held in December last year, the bank allotted 2.50 crore shares at a price of Rs 195 per share to investors, amounting to Rs 487.5 crore. Asian Development Bank, DVI Fund (Mauritius) and CDC Group were among these investors.

The bank was established as a small, regional bank in Maharashtra in 1943 with two branches in Kolhapur and Sangli. It was formerly known as Ratnakar Bank.

http://www.onlinenewspaper.co.in/2016/08/rbl-bank-makes-blockbuster-debut-bourses-trading-33-7-per-cent-rs-300-90/
#Bourses, #Debut, #RBL_Bank, #Trading