While the IPO of Microsec Financial Services will close tomorrow, the good news for the company is that it has already been subscribed fully and the company plans to use the proceeds collected from the process to expand its lending business in the country.

BL Mittal, Chairman, Microsec has recently said that the company is very much open to the option of acquisitions and it is looking at both organic and inorganic growth both in the broking and financing activities. The company has also said that it will be investing close to Rs. 120 crore for the organic growth options.

Moreover, apart from the money earmarked for the organic growth, the company is planning to invest close to Rs. 113 crore in loans against the share activities and close to Rs. 8 crore in its subsidiary, Microsec Capital.

The investment in the subsidiary is aimed to set up 200 additional retail broking branches across the country in the next two years. It is to be mentioned here that the IPO was opened on the 17th September and it has been oversubscribed by 1.5 times so far. While the price for the issue stands at Rs. 113-118, the public issue is of 1,25,00,000 equity shares of Rs 10 each.