New Delhi, Mar 17 (PTI) Suryoday Small Finance Bank's initial public offer was subscribed 42 per cent on Wednesday, the first day of subscription.

The Rs 582-crore initial public offer (IPO) received bids for 56,32,648 shares against 1,35,15,150 shares on offer, according to NSE data.

The category meant for non institutional investors was subscribed 4 per cent and those for retail individual investors (RIIs) 84 per cent.

The initial public offer of 19,093,070 equity shares comprises a fresh issue of up to 8,150,000 equity shares and an offer for sale of up to 10,943,070 equity shares.

The offer is in a price range of Rs 303-305 per share.

Suryoday Small Finance Bank on Tuesday raised a little over Rs 170 crore from anchor investors.

The bank has proposed to utilise the net proceeds from the fresh issue towards augmenting its capital base to meet future capital requirements.

The small finance bank has over 20 institutional investors with a mix of institutional investors, development funds, and private equity investors.

Axis Capital, ICICI Securities, IIFL Securities and SBI Capital Markets are the managers to the offer.

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