LIC, Norway’s sovereign fund, ADIA anchor NSE’s ₹6,746 crore IPO issue | Insurance News
Life Insurance Corporation of India (LIC), Norway’s Government Pension Fund Global, the Monetary Authority of Singapore, the Abu Dhabi Investment Authority (ADIA) and Societe Generale were among the marquee names that anchored the National Stock Exchange of India’s (NSE’s) initial public offering.
The exchange finalised allocation to 189 anchor investors on Wednesday.
In a disclosure, the exchange said its board had allocated 3,77,93,739 equity shares to anchor investors at ₹1,785 apiece, aggregating ₹6,746.18 crore.
LIC, the largest shareholder in NSE, also emerged as the single largest anchor investor, picking up 2.24 million shares worth ₹400.3 crore, followed by Societe Generale’s offshore derivative instrument desk with 1.77 million shares worth ₹316 crore, and the Government Pension Fund Global with 1.4 million shares worth ₹250 crore.
Offshore investors accounted for 43 per cent of the total anchor book, investing ₹2883 crore.
The Monetary Authority of Singapore and ADIA’s Monsoon fund each picked up shares worth ₹200 crore, while Fidelity Funds’ India Focus Fund invested ₹178.24 crore.
Of the total anchor allocation, 29 domestic mutual funds — applying through 98 schemes including those of SBI, ICICI Prudential, HDFC, Nippon India, Kotak and Axis — accounted for 1.40 crore shares, or nearly 37 per cent of the anchor book, worth ₹2,494.99 crore.
Insurance companies and pension funds, including SBI Life, HDFC Life and various NPS Trust schemes, took up a further 60.61 lakh shares worth ₹1,081.84 crore.
Sources added that the demand for shares in anchor was at around ₹1.2 trillion, nearly 20-times the size of the anchor book.
The exchange’s ₹22,560 crore IPO, comprising only offer for sale, is scheduled to open for subscription for public from Thursday, with listing expected the next week.
The shares have a premium of nearly 9 per cent in the grey market.
