NSE anchor book draws Rs 6,746 crore from 150 plus anchor investors

Synopsis

In a successful share sale, the National Stock Exchange captured the interest of more than 150 anchor investors. Notably, overseas funds accounted for 43% of the stocks allocated for this category. Domestic institutional investors also played a crucial role, contributing significantly to the anchor book. Overall, the exchange raised ₹6,746.18 crore from these investors, with the public offering scheduled to open on Thursday.

Mumbai: The National Stock Exchange's (NSE) share sale Wednesday drew more than 150 anchor investors, with overseas funds collectively garnering 43% of the stock on offer for this category of bidders before the issue opens for the public Thursday.

Bidders for the anchor book included sovereign wealth funds, global asset managers and long-only funds from the US, Europe and Asia, which helped the country's biggest bourse garner ₹6,746.18 crore. The NSE said in an exchange filing that anchor investors got 37.8 million shares at ₹1,785 apiece.

Foreign portfolio investors accounted for ₹2,883 crore, or 43% of the anchor book. More than 20 foreign long-only funds participated, with the list including Singapore sovereign wealth fund GIC, Abu Dhabi Investment Authority and Norges Bank.

Other global investors included Fidelity, Goldman Sachs Asset Management, Eastspring Investments and HSBC Global Asset Management, people aware of the bids told ET. The IPO will remain open for the public from Thursday and close on Sep 21.

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Domestic institutional demand was also broad-based, with more than 25 mutual funds and 11 insurance and pension companies investing around ₹3,588 crore, or 53% of the anchor book.

Mutual fund houses participating in the anchor book were SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon Mutual Fund, Axis Mutual Fund, Aditya Birla Sun Life Mutual Fund, Kotak Mutual Fund, UTI Mutual Fund, Mirae Asset Mutual Fund and Franklin Templeton participated in the anchor book.

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LIC, NSE's largest shareholder with a 10.72% stake, invested more than ₹500 crore through LIC, LIC Mutual Fund and LIC Pension Fund. The investment comes even as LIC's existing holding is larger than the stake being offered in the IPO.

The SBI group, which is selling a 1% stake in NSE through State Bank of India and SBI Capital Markets, is also investing in the exchange through SBI Mutual Fund, SBI General, SBI Life and SBI Pension Fund. Its combined investment exceeds ₹400 crore.

Several existing investors also participated in the anchor book, adding to their exposure to NSE ahead of the IPO.

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