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SKS Microfinance IPO Subscribed 13.55 Times – WSJ.com

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By JOHN SATISH KUMAR

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MUMBAI—The initial public offering of SKS Microfinance Ltd. was fully subscribed on the third day of subscriptions Friday, an investment banker involved in the share sale said.
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Earlier

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“The bids have been coming in and the institutional book has been covered multiple times. We’re on course for the book to be covered about 20 times,” the banker, who didn’t wish to be named, told Dow Jones Newswires.
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The issue of the micro-loan lender consists of more than 16.79 million shares, including an anchor portion of over 3.02 million shares.
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Bids came across the indicative price band of 850-985 rupees ($18.31-$21.22), data on the National Stock Exchange showed.
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The company had already finalized the allotment of shares to anchor investors at 985 rupees a piece. The anchor investors include Smallcap World Fund, BNP Paribas Arbitrage, Reliance Equal Opportunities Fund and J.P. Morgan Indian Investment Trust.
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The issue opened for subscriptions Wednesday and the institutional book closes later Friday. The retail book will remain open till Monday.
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SKS Microfinance IPO Subscribed 13.55 Times

By Monday evening, August 2, the issue to raise as much as US$353 million had received bids for 13.55 times the overall shares on offer. This is likely to go up slightly as bids are still being counted for a few more hours. Most bids were at the top end of the INR850-985 (US$18.40-21.30) price band, indicating a strong demand among investors. On Friday July 30, the last day for bidding for institutional investors, the total offer had been subscribed 10.5 times, with the institutional part itself subscribed 20.3 times.
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Last week, SKS allocated 3.02 million shares at INR985 (US$21) per share to 36 cornerstone investors including the fund management arms of JP Morgan, Morgan Stanley, Goldman Sachs, ICICI Prudential, BNP Paribas, Nomura and Reliance Capital.
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