Care IPO gets 4% subscription on first day

Rating agency CARE's initial public offer (IPO) received 4 per cent subscription on the first day of the public issue today.

The IPO attracted bids for 2.56 lakh shares against 71.99 lakh shares on offer by 1700 hrs, as per data available with the National Stock Exchange.

The category reserved for non-institutional investors received one per cent subscription, while shares reserved for retail investors got subscribed 10 per cent, data showed.

The company has fixed the price band at Rs 700-750 per share and proposes to raise Rs 504 crore at the lower end and Rs 540 crore at the top end from the issue.

The offer period will close on Tuesday, December 11.

CARE (Credit Analysis and Research Ltd) is promoted by major banks and financial institutions and the three largest shareholders are IDBI Bank with 26 per cent, Canara Bank at 23 per cent and State Bank of India holds 9 per cent.

Kotak Securities, Bank of America-Merrill Lynch, Edelweiss Capital, ICICI Securities, IDBI Capital and SBI Caps are the book-running lead-managers to the issue.

CARE is the third rating agency in the country to go public after Crisil and Icra.