May 11, 2018 / 12:48 PM / a year ago

Indostar Capital Finance's $274 million IPO subscribed over six times

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, June 29, 2015. REUTERS/Danish Siddiqui/Files

(Reuters) - Indian non-banking finance firm Indostar Capital Finance Ltd’s initial public offering (IPO) of shares to raise 18.44 billion rupees ($274.01 million) was subscribed more than six times, according to the latest data on Friday, the last day of the sale.

Investors bid for about 151.9 million shares, or 6.73 times the 22.6 million shares on offer, data as of 1230 GMT showed.

Indostar Capital was selling new shares to raise 7 billion rupees, while its shareholders were selling 20 million shares.

Anchor investors have already subscribed to 5.53 billion rupees worth of shares as part of the sale.

JM Financial, Kotak Mahindra Capital, Morgan Stanley India Co, Motilal Oswal Investment Advisors Ltd and Nomura Financial Advisory and Securities (India) are managing the IPO.

($1 = 67.2975 Indian rupees)

Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Sunil Nair

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