Twas fully subscribed by midday on the second day of bidding, led by strong demand from non-institutional investors.
The ₹11,693-crore IPO was subscribed 1.24 times as of 11.45 am. The non-institutional investor portion was subscribed 2.86 times, while the retail investor segment was booked 1.02 times. The employee portion saw 1.56 times subscription and the shareholder category was subscribed 1.97 times. The qualified institutional buyer portion was subscribed 0.08 times.
Ahead of the public issue, SBI Funds Management raised ₹2,663 crore from anchor investors.
The anchor book saw participation from global investors including GIC, Abu Dhabi Investment Authority, Capital World Investors, BlackRock, Fidelity Management & Research, Goldman Sachs Asset Management and Norges Bank. Domestic participants included Life Insurance Corporation of India, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Nippon India Mutual Fund and HDFC Life Insurance.
The IPO will close on July 16 and has been priced in the range of ₹545 to ₹574 per equity share.
The public issue comprises entirely an offer for sale of up to 17.09 crore equity shares by existing shareholders – State Bank of India and Amundi.
State Bank of India will sell a 6.3 per cent stake, while Amundi will divest 3.7 per cent through the issue.
The issue size was initially proposed at ₹11,693 crore but was subsequently reduced after the company completed a pre-IPO placement of around ₹1,880 crore.