IBL Finance shares make decent debut on NSE SME at ₹56, 10% premium to issue price

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₹56 apiece on NSE SME, a premium of 10% to the issue price of ₹51 apiece. The stock quickly jumped to ₹58.80 after hitting the secondary market. The ₹33.41 crore SME IPO was open for subscription between January 9 and January 11, 2024, at a price band of ₹51 apiece.

The IPO is a completely fresh issue of 6,550,000 equity shares. The issue was overall subscribed to 17 times. The issue received a healthy response from retail investors whose portion set was subscribed to 24 times and a decent response from non-institutional buyers whose portion set was subscribed to 9.94 times, as per data available on Chittorgarh.

Also Read: Medi Assist IPO: Here are key risks to know before subscribing to issue The company plans to use the net proceeds from the issue for general corporate purposes, expanding the Tier-I capital base to cover the company's anticipated future capital needs resulting from asset and business growth. IBL Finance Limited is a fintech-based financial services platform that uses technology and data science to make lending easier and faster. It commenced its lending business to self-employed professionals and small business entrepreneurs during the financial year on March 31, 2019.

Also Read: EPACK Durable IPO: Price band set at ₹218-230 apiece; GMP, issue details, more Subsequently, in fiscal 2020, it migrated to a fintech-based financial services platform. It launched our mobile-based personal loan business under the “IBL: Instant Personal Loan" brand. Under the personal loan lending business, the company extend instant personal loans up to ₹50,000 with tenors of up to 12 months through an entirely digital mobile app-only process.