FiveStar Business Finance IPO
FiveStar Business Finance Limited (FIVESTAR) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 21 November 2022.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain -2.9% (likely range -9% to +4%), day's high +6.3%, chance of a gain 33%. Actual: -1.1% at the open, +14.7% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 87,11,132 | 1,54,45,967 | 1.77x | |
| NII (HNI) total | 65,33,350 | 40,12,020 | 0.61x | |
| Big NII (above ₹10 lakh) | 43,55,566 | 34,04,234 | 0.78x | |
| Small NII (₹2-10 lakh) | 21,77,784 | 6,07,786 | 0.28x | |
| Retail | 1,52,44,484 | 17,46,044 | 0.11x | |
| Total | 3,04,88,966 | 2,12,04,031 | 0.70x |
Bids on NSE and BSE together, as published by NSE, as of 11 Nov 2022, 07:00 PM. Shares offered exclude the anchor portion. 7% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to FiveStar Business Finance's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Aavas FinanciersSep 2018 | 2.77x | 0.26x | 0.25x | 0.97x | ₹1,734 Cr | -8.7% | -4.1% |
| Garden Reach Shipbuilders & EngineersOct 2018 | 1.81x | 0.31x | 0.24x | 1.02x | ₹598 Cr | -13.1% | -7.6% |
| Macrotech DevelopersApr 2021 | 3.05x | 1.44x | 0.40x | 1.36x | ₹2,516 Cr | -10.3% | -1.6% |
| Lemon Tree HotelsMar 2018 | 3.89x | 0.12x | 0.12x | 1.19x | ₹1,039 Cr | +10.0% | +32.0% |
| Mishra Dhatu NigamMar 2018 | 1.96x | 0.12x | 0.72x | 1.21x | ₹755 Cr | -3.3% | +1.1% |
| Hindustan AeronauticsMar 2018 | 1.73x | 0.03x | 0.39x | 0.99x | ₹7,191 Cr | -5.2% | -2.5% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| ICICI Securities | 109 | +21.3% | 69% |
| Edelweiss Financial Services | 16 | +25.0% | 69% |
| Kotak Mahindra Capital Company | 83 | +20.8% | 76% |
| Nomura Financial Advisory and Securities (India) | 27 | +16.0% | 56% |
Offer documents (NSE)
Frequently asked
What is the FiveStar Business Finance IPO price band and lot size? ₹450–474 per share, with a lot of 31 shares, so the smallest retail bid is ₹14,694.
How many times has it been subscribed? 0.70x overall: QIB 1.77x, NII 0.61x, retail 0.11x.
How did it list? It opened at ₹469, -1.1% against the issue price of ₹474, and closed its first day +3.4%.
