Private equity firm General Atlantic-backed KFin Technologies' initial public offering (IPO) was subscribed 70% at the end of day 2, according to data from Bombay Stock Exchange.
The qualified institutional buyers-category was fully subscribed by the end of day on December 20. Investors made bids for 13.2 million shares against the allotted 12.97 million shares.
The retail portion was subscribed 74%, garnering bids for 3.19 million shares, against the allotted 4.32 million. The non-institutional category was subscribed 3% .
Overall, the issue drew bids for 16. 6 million shares by the end of the second day of IPO, against the 23.78 million shares on the offer.
The financial services firm is aiming to raise Rs 1,500 crore through its IPO, which is entirely an offer for sale by promoter General Atlantic Singapore Fund Pte Ltd.
All the proceeds from the IPO will go to the majority shareholder General Atlantic, which is looking to offload a part of its stake in the firm. General Atlantic had first invested $62.39 million in KFin Technologies in 2017.
KFin provides a tech-led financial services platform to the capital markets ecosystem including asset managers, wealth funds and corporate issuers.
The firm had set a price range of Rs 347- Rs 366 per share for the issue, which closes on Wednesday.
The company has raised Rs 675 crore from 44 anchor investors ahead of the IPO on Saturday at the upper price band of Rs 366 per equity share.
The included domestic funds such as Goldman Sachs Funds, Nippon Life India Fund, IIFL Private Equity Fund, Canara Robeco MF, Axis MF, ICICI Prudential Life Insurance.
Foreign funds such as Goldman Sachs (Singapore), Morgan Stanley Asia (Singapore), Copthall Mauritius Investment, Pinebridge Global Funds and Pari Washinton India Master Fund Ltd. also participated in the anchor allotment.