The initial public offering of Ghana Small Finance Bank was subscribed 18.50 times on the closing day of the share sale on Friday.

The IPO of the company backed by private equity giants TPG and Morgan Stanley received bids for 18,71,96,580 shares as against 1,01,16,284 shares on sale, according to NSE data.

The subscription multiple for the qualified institutional investor (QIB) category was 38.75 times, while the subscription multiple for the non-institutional investor category was 25.05 times. The retail individual investor (RII) portion was subscribed 5.46 times.

The Bengaluru-based company’s initial public offering (IPO) saw up to Rs 462 crore of new shares issued and an offer for sale (OFS) of up to 2,608,629 shares. The price range per piece is Rs 393-414.

Jana Small Finance Bank on Tuesday secured Rs 167 crore in funding from major investors.

The bank will use the newly issued funds to increase its core capital to meet future capital requirements and improve its capital adequacy ratio.

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

(This story has not been edited by News18 staff and is published from associated news agency – PTI)