MUMBAI: The Rs 22,568.94-crore initial public offering (IPO) of the National Stock Exchange (NSE) was fully subscribed at 1.16 times on the second day of bidding on Friday.
According to exchange data, the IPO received bids for 10.28 crore shares against 8.86 crore shares on offer. Demand was led by non-institutional investors, whose portion was subscribed 1.68 times, followed by Qualified Institutional Buyers (QIBs) at 1.53 times. The retail portion was subscribed 72 per cent.
NSE shares also witnessed a decline in their grey market premium (GMP). The latest premium indicated a potential listing gain of nearly 6 per cent, compared with 12 per cent a few days ago, according to InvestorGain.
On Wednesday, NSE allocated 37,793,739 equity shares at Rs 1,785 per share to anchor investors, raising Rs 6,746.18 crore. According to market sources, demand for the anchor book was nearly Rs 1.2 lakh crore, around 20 times its size.
Life Insurance Corporation of India (LIC), NSE’s largest shareholder with a 10.72 per cent stake, participated in the anchor book through LIC, LIC Mutual Funds and LIC Pension Funds, investing more than Rs 500 crore.
NSE has fixed a price band of Rs 1,700-1,785 per share for the IPO. The issue size was reduced to Rs 22,569 crore, making it the country’s second-largest public issue after Hyundai Motor India’s Rs 27,870-crore offering in 2024.
The IPO will close on September 21 and is entirely an offer for sale (OFS) of up to 12.64 crore equity shares by existing shareholders, compared with 14.9 crore shares planned earlier. The proceeds will go entirely to the selling shareholders and not to NSE.