New Delhi, Nov 24 (PTI) The initial public offer (IPO) of Fedbank Financial Services (Fedfina), a subsidiary of Federal Bank, got subscribed 2.20 times on the last day of the share sale on Friday.

The IPO received bids for 12,30,12,764 shares against 5,59,23,660 shares on offer, according to data available with the NSE.

The portion for qualified institutional buyers (QIBs) subscribed 3.51 times, while the retail individual investors (RIIs) quota received 1.82 times subscription. The category for non-institutional investors subscribed 1.45 times.

The IPO had a fresh issue of up to Rs 600 crore and an offer for sale of up to 35,161,723 equity shares.

The price range for the offer was Rs 133-140 a share.

Fedbank Financial Services on Tuesday said it has collected Rs 325 crore from anchor investors. The public issue had a price band of Rs 133-140 per share.

The issue was a combination of a fresh issue of 4.29 crore shares aggregating to Rs 600.77 crore and an Offer For Sale (OFS) of 3.52 crore shares worth Rs 492.26 crore.

Under the OFS, Federal Bank offloaded 1.65 crore shares and True North Fund VI LLP divested 5.38 crore shares.

Fedfina proposes to utilise the net proceeds from the fresh issue towards augmenting the Tier-I capital base to meet its future capital requirements and offer expenses.

ICICI Securities, BNP Paribas, Equirus Capital and JM Financial were the book-running lead managers of the offer.

On Monday, Fedbank Financial Services raised Rs 330 crore in a pre-IPO placement round. PTI SUM SUM BAL BAL