The biggest breaking news of the market is here. The Fedbank Financial Services will now open the Initial Public offering (IPO). It is all set to launch at the price band of Rs. 133 to Rs. 140 per share. The market source has revealed that the IPO of Fedbank Financial Services is going to open on 22nd November 2023 and it is going to remain open till 24th November 2023. This IPO subscription offers investors an opportunity to become part of the financial institution’s growth story. The IPO floor price has been fixed at 13.30 times the face value of Rs. 10 per equity share whereas, on the other hand, the cap price is at 14 times the face value.
According to the sources of the market, the shares are going to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on 5th December 2023. The Fedbank Fincnaial Services IPO price band has been officially fixed in the range between Rs. 133 to Rs. 140 per equity share of the face value of Rs. 10. As in the last paragraph, we told that the IPO subscription is going to open on 22nd November 2023 and then it is going to close on 24th November 2023. So looking at the allocation is also important so the allocation to the anchor investors is going to happen on 21st November 2023, Tuesday for the Fedfina IPO.
Sources have revealed that the IPO floor price has been fixed at 13.30 times and the cap price has been at 14 times the face value. And the price-to-earnings ratio is fixed on the diluted EPS which is for the financial year 2023, it is on a cap price of 25.04 if we compare it to the average industry peer group ratio so it was 25.57. Sources have also revealed that the size of the lot for the Fedbank Financial Services IPO is around 107 equity shares and it is with the additional shares available in the multiples of 107.
The allocation of the IPO to the anchor investors is going to happen on 21st November 2023, Tuesday it is one day before the public subscription opening. It has been reported that the basis of allotment of the shares is going to be officially finalized on 30th November 2023 and then the refund is going to be initiated on 1st December 2023. It has also been announced that the shares are going to be credited on 4th December 2023 to the demat accounts of all the allotees. It has also been said that the dates might be adjusted if Fedbank Financial Services decides to adopt the T+3 settlement norm.