MUMBAI: Tata Capital Ltd’s US$1.7bil initial public offering (IPO) attracted anchor investors, including funds managed by Morgan Stanley, Goldman Sachs Group Inc and Nomura Holdings Inc as well as domestic mutual funds and insurers.
The company allocated 46.4 billion rupees (US$523mil) of shares to the investors ahead of its listing, which opens for public subscription today, according to an exchange filing confirming an earlier Bloomberg News report.
Life Insurance Corp of India received the biggest allocation, taking 15% of the anchor shares, while funds managed by ICICI Prudential Asset Management Co, HDFC Asset Management Co, Aditya Birla Sun Life Asset Management Co, DSP Asset Managers Pvt. and Whiteoak Capital also participated in the anchor allotment.
Tata Capital allocated 142.4 million shares to anchor investors at 326 rupees apiece.
The offering saw robust participation from domestic institutional investors, a statement from the shadow lender showed.
The listing is set to be the country’s largest since Hyundai Motor India Ltd’s US$3.3bil offering last year and comes as the nation heads into what could be a record month for IPOs.
Tata’s offering will involve the sale of as many as 475.8 million new and existing shares by Tata Capital, its parent, and International Finance Corp, according to the IPO prospectus.
Tata Capital will start taking orders from the broader public from today, with shares being offered at 310 rupees to 326 rupees apiece through Wednesday.
That would value the shadow lender at as much as 1.4 trillion rupees. — Bloomberg
