The National Stock Exchange of India allocated shares worth Rs67.46 billion ($703.04 million) to anchor investors on Wednesday, including the sovereign wealth funds of Norway and Abu Dhabi, ahead of its initial public offering.
The shares were allotted at 1,785 rupees each — the top end of the IPO price band — an exchange filing showed.
State-run Life Insurance Corporation of India bought shares worth 4 billion rupees, or 5.93% of the anchor book, and emerged as the largest investor in the round.
Other top investors included the Abu Dhabi Investment Authority, Norway’s Government Pension Fund and asset manager Fidelity.
NSE’s $2.3 billion IPO is one of India’s largest on record, and comes as the country’s primary market draws major issuers, including billionaire Mukesh Ambani-backed Jio Platforms, which is expected to list by year-end.
The IPO by India’s largest bourse is entirely an offer for sale by existing shareholders, with NSE receiving no proceeds. The public issue opens for subscription on Thursday and closes on Monday.
Up to 50% of NSE’s IPO is reserved for qualified
institutional buyers, including anchor investors, and about 35%
of shares are set aside for retail investors.
NSE was advised in the IPO by 20 investment banks, including
Kotak Mahindra Capital, SBICAPS, Pantomath, Axis Capital and top
global banks led by Morgan Stanley, Citi and HSBC.
Source: Khaleej Times