MUMBAI (Reuters) - India’s AU Small Finance Bank’s initial public offering to raise up to 19.13 billion rupees ($296 million) was subscribed 53.6 times on Friday, stock exchange data showed.
The issue received bids for 2.02 billion shares against the total issue size of 37.70 million shares, according to the data.
The bank, which caters to low- and middle-income individuals and businesses, is the latest to benefit from a booming IPO market in India, where firms have raised over $2 billion so far this year, on track to match the $4 billion raised in 2016.
Shares in CDSL, majority-owned by bourse operator BSE Ltd, soared 80 percent on its debut on Friday, after its IPO raised 5.2 billion rupees in India’s most heavily oversubscribed offering this year.
($1 = 64.6000 rupees)
Reporting by Zeba Siddiqui and Swati Bhat in Mumbai; Editing by Susan Fenton