BSE IPO subscribed 51 times on final day

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Mumbai: The Rs1,234.4-crore initial public offering (IPO) of BSE Ltd, Asia’s oldest stock exchange, has received a robust response, receiving bids for more than 51 times the number of shares on offer on the last day of subscription.

The BSE IPO issue was subscribed 51 times by 6 pm, data from National Stock Exchange (NSE) showed.

The offer is a 100% book-building one, with existing shareholders selling 15.42 million shares through an offer for sale. The issue represents 28.26% of BSE’s pre-share sale capital. The issue had opened on Monday.

The portion reserved for qualified institutional buyers was subscribed 48.64 times, while that for retail investors were subscribed 6.18 times. The portion meant for non-institutional investors saw a subscription of 77.22 times.

The draft prospectus listed 302 shareholders that are selling their shares in this offer. Singapore Exchange Ltd (SGX) is selling 5.09 million shares, or a 4.7% stake, as it looks to make an exit.

Other shareholders who have offered to sell their shares include Atticus Mauritius Ltd, Mauritius investment arm Quantum (M) Ltd, GKFF Ventures, Acacia Banyan Partners Ltd, Canada-based investor Thomas Caldwell’s Caldwell India Holdings Inc., and Bajaj Holdings and Investment Ltd

On Friday, BSE allotted shares worth Rs373 crore to so-called anchor investors at the upper end of the price band. Anchor investors include Capital World, ICICI Prudential Mutual Fund, Sundaram Mutual Fund, Goldman Sachs Asset Management Co., GP Emerging Markets, Massachusetts Institute of Technology, University of Notterdam Du Lac, The Washington University and HDFC Mutual Fund, among others.