Shriram Properties raises ₹269 crore from 34 anchor investors
Shriram Properties received 0.93 times subscription on the first day of its initial public offering (IPO), with a total commitment of 576 crore from retail and anchor investors.The Bengaluru-based firm collected Rs 268.64 crore by allotting 22,766,949 equity shares to 34 anchor investors ahead of its initial public offering (IPO) at the maximum price band of 118 per equity share, including a 108 share premium.
Nomura Asset, SBI Life, Nippon, Sundaram Mutual Fund, HDFC Life, HDFC Mutual Fund, Birla Mutual Fund, and Premji Invest are among the notable investors who have joined.
A total of 8,474,625 equity shares, or 37.22 percent of the total allocation to anchor investors, were assigned to four domestic mutual funds through a total of 24 schemes.
The offer’s price range has been set at 113-118 per equity share. Bids must be for a minimum of 125 equity shares and then in multiples of 125 equity shares.The offer consists of up to 600 crore worth of equity shares. It involves a new offering of equity shares worth up to Rs. 250 crore and a selling offer worth up to Rs. 350 crore.Axis Capital Limited, ICICI Securities Limited, and Nomura Financial Advisory and Securities (India) Private Limited are some of the companies.
Existing investors’ stake will be reduced from 58.35 percent to 34.81 percent as a result of the planned IPO.Between 2008 and 2014, the company raised $270 million from institutional investors. These investors collectively possess three-fifths of the corporation. TPG Capital, Starwood Capital, Walton Street Capital, and Tata Capital are among its existing important investors.As of the date of the DRHP filing, BCCL and/or its subsidiaries owned 0.002% of Shriram Properties Limited’s equity capital.
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