NSE raises Rs 6,746 Cr from anchor investors ahead of IPO

The National Stock Exchange (NSE) has raised Rs 6,746 crore from anchor investors ahead of its much-awaited initial public offering (IPO), which opens for public subscription today (September 17). The exchange allotted 3.78 crore equity shares to 189 anchor investors at Rs 1,785 per share, the upper end of its IPO price band. The anchor book saw participation from several large domestic and global investors, including Life Insurance Corporation of India (LIC), Norway’s Government Pension Fund Global, Abu Dhabi Investment Authority (ADIA), GIC Singapore, Fidelity, Societe Generale and others. LIC emerged as the largest single anchor investor, picking up shares worth around Rs 400 crore. The Government Pension Fund Global invested about Rs 250 crore, while Societe Generale’s offshore desk bought shares worth nearly Rs 316 crore. Foreign portfolio investors (FPIs) invested around Rs 2,883 crore, accounting for nearly 43% of the anchor book. Domestic investors contributed around Rs 3,588 crore, or 53% of the allocation. The domestic participation included more than 25 mutual funds and 11 large insurance and pension funds. The anchor book attracted bids worth nearly Rs 1.2 lakh crore, around 20 times the amount allocated to anchor investors, according to market sources. NSE has set a price band of Rs 1,700-1,785 per share for its IPO, which will remain open until September 21. The issue is entirely an offer for sale (OFS), meaning NSE will not receive any fresh capital from the IPO. Instead, existing shareholders will sell their shares. The exchange is looking to raise around Rs 22,569 crore through the IPO, making it one of India's largest public issues. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.

Original source: Entrackr