The follow-on public offering (FPO) of Vodafone Idea was fully-subscribed on the third and final day of the bidding, thanks to the interest shown by institutional and HNI investors. The issue saw a 29% subscription on the first day, and it reached 54% by the end of the second day.

Vodafone Idea is offering its shares in the price range of Rs 10-11 each. Investors can apply for a minimum of 1,298 shares and in multiples thereafter. The FPO, amounting to Rs 18,000 crore, includes a fresh share sale of 16,363,636,363 equity shares, making it the largest follow-on offer in the Indian markets. Investors bid for 50,07,11,08,032 equity shares, which is 3.97 times the 12,60,00,00,001 equity shares offered for subscription by 3.00 PM on Monday, April 22. The three-day bidding process, starting on Thursday, April 18, ends today. The portion reserved for qualified institutional bidders (QIBs) received bids 10.42 times its size, while the non-institutional investors’ quota was subscribed 3.17 times. However, the allocation for retail investors was only 63% subscribed by the same time.