Repco Home initial public offer subscribed 1.62 times

The Rs 270-crore initial public offer (IPO) of Repco Home Finance was oversubscribed on the last day of the issue on Friday.

The company received bids for 2.17 crore shares against an offer of 1.33 crore shares, translating into 1.62 times subscription till 04.00 p.m. on Friday, as per data available on the National Stock Exchange (NSE).

The price-band of the issue is Rs 165-172 per share and the proceeds from the offer would be used for business development in the housing finance industry.

The Chennai-headquartered Repco Home Finance is promoted by the Repatriates Co-operative Finance and Development Bank (Repco Bank), which was set up in April 2000 to extend banking services to rehabilitate the repatriates from Sri Lanka, Myanmar, Vietnam and other countries.

SBI Capital Markets, IDFC Capital and JM Financial Institutional Securities were the book running lead managers of the issue.