RBL Bank’s IPO has received an encouraging response as the three-day issue was oversubscribed 69.57 times, which is a high among IPOs of private sector banks. The Rs 1211 crore offering closed on 23 August. DCB Bank’s IPO in October 2006 was subscribed 35 times, while YES Bank’s IPO in June 2005 was subscribed 29.13 times. According to data from stock exchanges, the bank has received applications for roughly 2.64 billion shares compared with an issue size of 37.9 million shares, excluding the anchor allotment. At the lower end of the Rs 224-225 price band for the issue, the IPO drew bids worth roughly Rs 59,006.52 crore. The institutional investor category received bids for 924.36 million shares and the book was subscribed 85.08 times. The non-institutional category comprising high networth individuals was subscribed 198.05 times. Demand from retail individual investors, whose investments cannot exceed Rs 2 lakh in an IPO, stood at 5.6 times the 18.92 million shares on offer.
