Congratulations Ashok

59er Ashok Kapur is the Promoter and Non-Executive Chairman of YES BANK, whose Public Issue closed on 21st June 2005. This is from the Press Release from the website of YES BANK.

Mumbai, June 22, 2005: The YES Bank IPO, which closed for subscription on 21st June, 2005 has received an overwhelming response across all classes of investors. A total of over 257,000 bids were received generating a demand of over Rs. 9000 crores, resulting in an overall final subscription of over 30 times.

The Institutional Portion (QIB) received over 190 bids for over Rs. 4700 crores, resulting in oversubscription of over 31 times. The Non-Institutional Portion (HNI) received more than 3,800 bids for over Rs. 3650 crores, resulting in oversubscription of over 46 times. The Retail Portion received over 253,000 bids for over Rs. 750 crores, resulting in oversubscription of over 10 times. Therefore the HNI/ Retail combined also exceeded Rs. 4300 crores.

Nearly 99% of the Bids were at the top end of the band i.e. at Rs. 45. YES BANK, in consultation with the Book running Lead Managers, DSP Merrill Lynch Limited and ENAM Financial Consultants Private Limited, has finalized the Issue Price at Rs 45. The shares are proposed to be listed on the National Stock Exchange of India Limited and the Stock Exchange, Mumbai. The listing is expected to be completed on or around July 12, 2005.

Mr. Rana Kapoor, Managing Director & CEO, YES BANK said, “The phenomenal response from all investor classes reflects the tremendous faith in the enormous potential of YES BANK, an outcome of professional entrepreneurship and in its top-class management team of best-in-breed global bankers. We are fully committed to meet the expectations of investors and all stakeholders particularly given the excellent momentum established over the last 12 months. “

Well done Ashok - if I was in India I would have invested my Rs. 45 in your venture with great pleasure and confidence. :-)