The initial public offering (IPO) of Nisus Finance Services continued to see a solid response from the investors during the third and final day of the bidding, thanks to all-round demand for the SME issue. The issue was overall booked more than 3 times on day one, while ended day two with over 20x subscription.
Nisus Finance Services is selling its shares in the price band of Rs 170-180 apiece. Investors can apply for a minimum of 800 shares and its multiples thereafter. It is looking to raise Rs 114.24 crore via IPO, which includes a fresh share sale of 63,46,400 equity shares worth Rs 101.62 crore and offer-for-sale (OFS) of up to 7,00,800 equity shares.
According to the data, the investors made bids for 62,10,73,600 equity shares, or 147.68 times, compared to the 42,05,600 equity shares offered for the subscription by 3.20 pm on Friday, December 06. The three-day bidding for the issue, which opened on Wednesday, December 4, concludes today.
The allocation for retail was subscribed 114.11 times, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 328.34 times. However, the quota set aside for qualified institutional bidders (QIBs) saw bid for 73.87 times as of the time.
Founded in 2013, Nisus Finance Services Co offers financial services such as transaction advisory services, fund and asset management, private equity and venture debt and capital solutions to corporate clients. It has two core business segments- Transaction Advisory Services and Fund and Asset Management.
Nisus Finance has evolved into a diversified financial services organization, leveraging its Transaction Advisory expertise to expand into Real Estate and Urban Infrastructure Fund and Asset Management. The company fosters long-term developer partnerships, enabling strategic alliances and capital-raising opportunities that enhance competitiveness and value delivery, said Arihant Capital.
Its focus on product innovation addresses investor needs for capital protection, diversification, and income generation, supported by flexible fund schemes and robust distribution channels. Together, these initiatives strengthen NFSCL’s market position, ensuring long-term success across evolving economic and industry landscapes, it added with a 'subscribe for listing gains' tag.
Retail investors can apply for a single lot maximum, or 800 equity shares only. At the upper end of the price band, each lot of the company will value Rs 1,44,000. Other investors, excluding the retailers, need to apply for a minimum of two lots or 1,600 equity shares, amounting to Rs 2,88,000.
The grey market premium of Nisus Finance Services has seen a sharp rise following a strong demand for the issue. Last heard, the company was commanding a premium of Rs 87in the unofficial market, suggesting a listing gains of around 48 per cent for the investors. However, the premium in the grey market stood around Rs 65 a day ago.
Nisus Finance Services' main sources of revenue are fund management fees earned by the fund manager/advisor entities for managing AIF fund pools. The company had assets under management (AUM) of Rs 1,000 crore as of FY24 across real estate and urban infrastructure. It has three offices (two in India and one International) as of January 31, 2024.
Beeline Capital Advisors is the book running lead manager of the Nisus Finance Services IPO, while Skyline Financial Services is the registrar for the issue. The market maker for Nisus Finance Services IPO is Spread X Securities. Shares of the company shall be listed on BSE SME platform with December 11, Wednesday as the tentative date of listing.
Meanwhile, Indian equity benchmarks settled slightly lower today, pausing their five-day winning streak after the Reserve Bank of India (RBI) decided to keep repo rate unchanged at 6.5 per cent. The domestic indices were dragged by technology, pharma and select banking stocks.