Yes Bank QIP oversubscribed, final pricing likely at Rs 1,500

Mumbai: Yes Bank has managed to garner more than $2.2 billion from institutional investors across the globe for its qualified institutional placement ( QIP) that kicked off last evening.

"We have seen very strong interest and the book has already been subscribed more than times," said a person familiar with the issue.

Yes Bank is likely to retain the $100 million greenshoe, which means it will be raising a total of $750 million, this person said.

"The issue will most likely be priced at Rs 1,500 per share. The book will close later today," said a second person familiar with the issue.

Yes Bank had launched the issue on Thursday evening at a floor price of Rs 1,498.95 for the offer, a 1.14% discount to the bank’s Thursday closing price of Rs 1,516.

Bankers had set Rs 1,455 to Rs 1,500 range for the issue. The final price is expected to be at the upper end of the band.

The final pricing will be decided on Wednesday and allotment will happen next Friday, a term sheet accessed by ET showed.

There are four investment bankers for the issue -- CLSA, Bank of America-Merrill Lynch, IIFL and Motilal Oswal.