Overall, the issue was subscribed 0.32 times on the first day of bidding.

The reserved portion for qualified institutional buyer was fully subscribed, while Retail Portion was subscribed 0.06 times.

Five Star Business Finance Limited, provides secured business loans to micro-entrepreneurs and self-employed individuals, each of whom are largely excluded by traditional financing institutions has received bids of 97,81,244 shares against the offered 3,04,88,966 equity shares, at a price band of Rs.450-474, according to the data available on the stock exchanges.

Overall, the issue was subscribed 0.32 times on the first day of bidding.

The reserved portion for qualified institutional buyer was fully subscribed, while Retail Portion was subscribed 0.06 times. Non-Institutional segment saw a response of 0.02 times. 

The issue kicked off for subscription on Wednesday, November 09, and will close on Friday, November 11, 2022.

Five Star Business Finance Ltd raised Rs 588 crore from foreign investors and institutions namely Smallcap World Fund Inc, American Funds, Fidelity Funds, Volrado Venture, Abu Dhabi Investment Authority, Government Pension Fund Global, Carmignac Portfolio, and Segantii India Mauritius and domestic mutual funds and other firms including HDFC Mutual Fund, Baroda BNP Paribas, Edelweiss, Mirae Asset, and SBI Life Insurance Company also participated in the anchor book.

The offer is an Offer for Sale aggregating to Rs. 1960 crore by the company's promoters and existing shareholders.

ICICI Securities Limited, Kotak Mahindra Capital Company Limited, Edelweiss Financial Services Limited and Nomura Financial Advisory and Securities (India) Private Limited are the book running lead managers to the issue.