Abans Holdings IPO Receives 46% Subscription On Third Day Of Offer

The initial public offering of Abans Holdings, financial services arm of the Abans Group, got subscribed 46 per cent on the third day of offer on Wednesday.

Abans Holdings' Initial Public Offer (IPO) received bids for 58,75,155 shares against 1,28,00,000 shares on offer, as per NSE data.

Qualified Institutional Buyers (QIBs) category received 2.19 times subscription, while Retail Individual Investors (RIIs) portion got subscribed 32 per cent and non-institutional investors 17 per cent.

The IPO of up to 1.28 crore equity shares has a fresh issue of up to 38 lakh equity shares and an offer for sale of up to 90 lakh equity shares.

Price range for the offer is at Rs 256-270 a share.

Proceeds from the fresh issue will be utilised towards investment in its NBFC subsidiary, Abans Finance, for financing the augmentation of its capital base to meet future capital requirements and for general corporate purposes.

The company operates a diversified global financial services business, providing Non-Banking Financial Company (NBFC) services, global institutional trading in equities, commodities and foreign exchange, private client stockbroking, depositary services, asset management services, investment advisory services, and wealth management services to corporates, institutional and high net worth individual clients.

Currently, it has active businesses across countries, including UK, Singapore, UAE, China, Mauritius, and India.

Aryaman Financial Services is the manager to the offer.

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