The subscription for Vodafone Idea’s Rs 18,000 crore follow-on public offer (FPO) reached nearly halfway by the end of the second day, with bids received for 49% of the shares on offer.
The portion designated for qualified institutional buyers (QIBs) and non-institutional investors continued to attract strong interest, while bids from retail investors remained subdued.
Overall, the company received bids for 6.17 billion shares at the end of the second day, as against 12.60 billion shares on offer.
The QIB portion garnered 93% subscription, propelled by robust interest from foreign institutional investors (FIIs). Similarly, the non-institutional segment saw a strong response with 75% bids received by day 2.
Meanwhile, the portion set aside for retail investors only got bids for 13% of the shares reserved for them. The FPO remains open for subscription until Monday.
Vodafone Idea has allocated 50% of the issue to QIBs, 15% to non-institutional investors, and the remaining to retail individual investors. The price band for the FPO is set at Rs 10-11 per share. Vodafone Idea’s shares closed 2% lower at Rs 12.92 on Friday.
Investors are closely monitoring the final day of subscription for India’s largest-ever FPO, as the struggling telecom operator aims to successfully conclude the issue.