SBI Funds IPO anchor book 20 times subscribed; draws Singapore's GIC, Capital Group, BlackRock: Bloomberg
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The offering also attracted strong demand from India's leading mutual funds and insurance companies Share THE Capital Group, BlackRock, Fidelity Investments and Goldman Sachs Asset Management are among key investors that participated in the anchor book of SBI Funds Management, which was subscribed more than 20 times before the company's initial public offering, according to people familiar with the matter. Sovereign wealth funds including Abu Dhabi Investment Authority, Singapore's GIC and Norway's Norges Bank Investment Management also submitted bids in the anchor tranche, the people said, asking not to be identified because the information is private. The offering also attracted strong demand from India's leading mutual funds and insurance companies, they said. Bankers managing the offering are expected to allocate about 51 million shares to anchor investors at 574 rupees apiece, the top end of the marketed price range, raising about 29.44 billion rupees (US$309 million), the people said. The deliberations are ongoing, and details of the offering, including the anchor allocation, could still change, the people said. Capital Group and Norges Bank declined to comment. Representatives for SBI Funds, SBI, Amundi and the other anchor investors did not respond to requests for comment. State Bank of India and France's Amundi have offered as many as 203.71 million shares in the...
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