Over a hundred Qqualified institutional buyers other than anchor investors invested ₹3675.42 crore of the reserved ₹4,499 crore in the initial public offering of the National Stock Exchange (NSE), bankers familiar with the share sale said.
National Pension Scheme Trust (NPS Trust), LIC, BNP Paribas Financial Markets, Societe Generale, ICICI Mutual Fund, Nomura Singapore, Quant Mutual Fund, WhiteOak Capital MF and Mirae Asset Mutual Fund were among the top 10 bidders, one of the two bankers said on the condition of anonymity.
QIB
The QIB (ex-anchor) portion accounts for 19.94% of total issue or ₹4,499 crore. Total allocation of the top 10 buyers ex-anchor portion was ₹2234.15 crore, the banker said. The biggest was NPS Trust at ( ₹362.47 crore), followed by LIC ( ₹342.98 crore), BNP Paribas Financial Markets ( ₹317.59 crore) and Societe Generale ( ₹285.44 crore ).
The mutual fund lead QIBs include ICICI MF ( ₹229.43 crore), Quant MF ( ₹185.22 crore), WhiteOak Capital MF ( ₹104.15 crore ) and Mirae Asset MF ( ₹92.13 crore).
The NSE IPO is being keenly watched by equity market participants as the country’s largest stock exchange becomes a publicly listed company tomorrow after a 10-year wait.
While institutional participation has been very strong, retail investor bidding has been relatively lower, with the unofficial grey market premium (GMP) shrinking from around 21% at the start of bidding on 17 September to 2% at the close of the bidding on 21 September on valuation concerns.
“Despite the fall in GMP, NSE retail investors stayed in with a subscription of 1.39 times with allocation at ₹7872 crore, the highest for any IPO so far,” the second banker said.
Demand
Based on participation, NSE generated the highest demand per rupee raised at four times compared with issuance above ₹15,000 crore like LIC (2.06 times), Hyundai Motor India (1.93 times), Tata Capital (1.65X) and PayTm (1.48 times), the banker said.
NSE is the country’s second-largest issue at ₹22,561.57 crore. The largest was Hyundai Motor India IPO with a size of ₹27,859 crore which listed in October 2024.
