Bengaluru-headquartered Jana Small Finance Bank received a warm response for its initial public offering (IPO), garnering 18.50 times subscription on the closing day of share sale on Friday.

Backed by private equity majors TPG and Morgan Stanley, Jana Small Finance Bank’s IPO received bids for 18,71,96,580 shares as against 1,01,16,284 shares on offer, as per NSE data.

The portion for Qualified Institutional Buyers (QIBs) fetched 38.75 times subscription while the category for non-institutional investors got subscribed 25.05 times. 

The retail individual investors (RIIs) part received 5.46 times subscription.

The Bengaluru-headquartered firm's IPO had a fresh issue of up to Rs 462 crore and an offer for sale (OFS) of up to 2,608,629 shares. It had a price range of Rs 393-414 apiece.

A day ahead of the IPO opening, Jana Small Finance Bank had raised Rs 167 crore from anchor investors.

The bank will use the money from the fresh issue to augment its core capital to meet future capital requirements and improve its capital adequacy ratio.

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