Institutional demand surged ahead of the public debut of the National Stock Exchange (NSE), with the country's flagship bourse securing ₹6,746 crore in its pre-issue anchor round. A broad spectrum of prominent domestic institutions and sovereign wealth managers participated in the allocation. Key entities securing allotments included the Life Insurance Corporation of India (LIC), Goldman Sachs, Fidelity, Norges Bank, GIC Singapore, and the Abu Dhabi Investment Authority (ADIA).
Full Upper-Band Pricing Across 150 Institutional Participants
Regulatory disclosures submitted to the Bombay Stock Exchange (BSE) show that the exchange allocated approximately 3.77 crore equity shares among 150 institutional entities. The shares were placed at the ceiling price of ₹1,785 apiece, representing the very top of the stated public offer band. This brought the aggregate transaction value of the anchor round to approximately ₹6,746.2 crore. Foreign portfolio investors (FPIs) accounted for nearly 43 percent of the entire anchor book, deploying roughly ₹2,883 crore. More than 20 foreign long-only funds domiciled across the United States, Europe, and Asia committed capital to the offering.
Domestic Asset Managers Commit 53 Percent of Total Book
Indian institutional investors constituted the majority share of the anchor placement, capturing approximately 53 percent of the total book. Across 25 domestic mutual funds alongside 11 leading pension and insurance providers, domestic institutions directed roughly ₹3,588 crore toward the issue. Major domestic fund houses participating in the bidding included ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund, Axis Mutual Fund, Kotak Mutual Fund, UTI Mutual Fund, and Tata Mutual Fund.
LIC and SBI Group Channel Over ₹900 Crore Combined
The state-backed life insurance giant LIC, which already commands an equity stake of about 10.72 percent in the bourse, reinforced its holding by putting in more than ₹500 crore. This investment was executed through a combined bid spanning LIC, LIC Mutual Fund, and LIC Pension Fund. The SBI corporate umbrella mounted an equally coordinated entry, deploying upwards of ₹400 crore through four distinct arms: SBI Mutual Fund, SBI Life Insurance, SBI General Insurance, and SBI Pension Fund.
Subscription Timeline and Valuation for the ₹22,569 Crore Issue
Following the conclusion of the anchor book, the broader primary offering is scheduled to accept subscription bids between September 17 and September 21. Bidding parameters have been framed within a price corridor of ₹1,700 to ₹1,785 per equity share. Calculated at the upper limit of ₹1,785 per share, the overall issue size reaches approximately ₹22,569 crore, marking one of the largest capital-raising exercises ever staged on the domestic primary market.
