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India's Bandhan Bank IPO 14.63x oversubscribed

India-based Bandhan Bank Ltd.'s IPO was 14.63x oversubscribed on the last day of the bidding process, data from the National Stock Exchange of India showed.

The offering received bids for 1,221,522,600 shares, against the total issue size of 83,496,347 shares as of 10 p.m. local time on March 19.

The portion of shares allotted to qualified institutional buyers was 38.67x oversubscribed, while those reserved for noninstitutional investors and retail individual investors were 13.89x and 1.20x oversubscribed, respectively.

Earlier in March, Bandhan Bank set a price range of 370 to 375 rupees per share for its IPO of up to 119,280,494 shares. The offering comprised a fresh issue of up to 97,663,910 shares, as well as an offer for sale of up to 14,050,780 shares by International Finance Corp. and up to 7,565,804 shares by IFC FIG Investment Co.

The offering valued the lender at 44.73 billion rupees at the upper end of the range, Bloomberg News had reported.

Kotak Mahindra Capital Co. Ltd., Axis Capital Ltd., Goldman Sachs (India) Securities Pvt. Ltd., JM Financial Ltd., and J.P. Morgan India Pvt. Ltd. served as book-running lead managers for the IPO, according to the data.

As of March 19, US$1 was equivalent to 65.30 Indian rupees.