Rephrase the title:Jana Small Finance Bank IPO subscribed 88% on first day of bidding

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New Delhi, The Initial Public Offering (IPO) of Jana Small Finance Bank was subscribed 88 per cent on the first day of subscription on Wednesday. Private equity majors TPG and Morgan Stanley-backed IPO received bids for 89,11,404 shares against 1,01,16,284 shares on offer, according to NSE data.

The part for non-institutional investors got subscribed 1.22 times and the category for Retail Individual Investors (RIIs) fetched 1.19 times subscription. The quota for Qualified Institutional Buyers (QIBs) received 14 per cent subscription.

The Bengaluru-headquartered firm’s IPO has a fresh issue of up to Rs 462 crore and an offer for sale of up to 2,608,629 equity shares.

The IPO has a price range of Rs 393-414 a share.

Jana Small Finance Bank on Tuesday garnered Rs 167 crore from anchor investors.

Jana Holdings, the promoter holding 32 per cent of the bank, will reduce its stake to around 25 per cent after the issue.

The bank will use the money from the fresh issue to augment its core capital to meet future capital requirements and to improve its capital adequacy ratio.

Axis Capital, ICICI Securities, and SBI Capital Markets are the managers to the offer.

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