Yes, Bank which had tapped the capital markets with its follow-on public offer to raise Rs 15,000 crs fell short of just about getting subscribed. The company received bids for 1189.40 cr shares and was subscribed 95%. The price band was Rs 12-13 and the company would be allotting shares at Rs 12 in the offer. There is an underwriting commitment made by SBI Capital Markets Limited to the extent of Rs 3,000 crs, which means that the issue would be fully subscribed and all valid applications would get shares in full.

Earlier the company had allotted 341,53,84,614 equity shares (341.53 cr) to 14 anchor investors. The largest allotment is to Bay Tree India Holdings I LLC who was allotted 187.50 cr shares or 54.90% of the total anchor book. The other investors included HDFC Life, Amansa Holdings and Elara India opportunities fund who were allotted over 9% each. There is no allotment to SBI or domestic mutual funds.

The public issue saw subscription and the issue garnered support for 909.97 cr shares. QIB’s subscribed to 523.48 cr shares and the bucket was subscribed 1.90 times. HNI portion received bids for 116.72 cr shares and was undersubscribed at 0.63%. Retail subscription was for 201.74 cr shares and was undersubscribed at 0.47%. Employee quota received bids for 5.91 cr shares and was undersubscribed at 0.33 times.

The share price of Yes Bank lost Rs 5.70 or 22.35% to close at Rs 19.80 during the week. Shares of Yes Bank allotted through the follow-on offer are to list on Monday the 27th of July by which time the market price would be close to Rs 12-14. How they correct in the remaining five trading sessions is a matter of discussion and permutation and combinations. Grey market premiums which existed some time ago have now disappeared and there is no premium.

Full details of the subscription are given below: –