The initial public offer of microfinance lender Spandana Sphoorty Financial Limited was subscribed 30 percent on the second day of bidding on Tuesday.

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The IPO, to raise about Rs 1,200 crore, received bids for 29,89,433 shares against the total issue size of 98,22,367 shares, according to data available with the NSE.

The portion reserved for qualified institutional buyers (QIBs) was subscribed 86 percent, that for non-institutional investors was subscribed 21 percent and for retail individual investors subscribed 3 percent, as per the exchange data.

The IPO comprises fresh issue of Rs 400 crore and an offer for sale of 93,56,725 equity shares including anchor portion of 42,08,886 equity shares.

The price range for the offer, which is scheduled to close on Wednesday, has been fixed at Rs 853-856 per share.

Spandana Sphoorty Financial on Friday raised Rs 360.28 crore from 18 anchor investors.

The net proceeds from the fresh issue are proposed to be utilised towards augmenting the company's capital base to meet future requirements and general corporate purposes, the company had said last week.

Axis Capital, ICICI Securities, IIFL Securities, JM Financial, IndusInd Bank and YES Securities (India) Limited are managing the offer.

The equity shares of the firm are proposed to be listed on the BSE and the NSE.

The company offers income generation loans under the joint liability group model, predominantly to women from low-income households in rural areas.