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IndoStar Capital Finance's IPO oversubscribed

India-based IndoStar Capital Finance Ltd.'s IPO was 6.8× oversubscribed on the last day of the bidding process, data from the National Stock Exchange of India showed.

The offering received bids for 153,613,252 shares, against a total issue size of 22,575,438 shares as of May 11.

The portion of shares allotted to qualified institutional buyers was 16.08× oversubscribed, while those reserved for noninstitutional investors and retail individual investors were 6.91× and 1.48× oversubscribed, respectively.

Earlier in May, IndoStar Capital Finance set a price range of 570 to 572 rupees per share for its IPO. The offering comprised an issuance of 7 billion rupees of new shares and an offer for sale of up to 20 million equity shares, which include an anchor portion of 9,671,328 equity shares.

The offering valued the lender at 45.13 billion rupees at the upper end of the range, Mint had reported.

JM Financial Ltd., Kotak Mahindra Capital Co. Ltd., Morgan Stanley India Co. Pvt. Ltd., Motilal Oswal Investment Advisors Ltd. and Nomura Financial Advisory and Securities (India) Pvt. Ltd. served as book-running lead managers for the IPO, according to the data.

As of May 11, US$1 was equivalent to 67.45 Indian rupees.