Tata Capital, the flagship financial services company of the Tata group, has raised Rs 4,641.8 crore from 135 anchor investors on October 3, a day prior to the launch of its IPO for the public subscription, according to exchange filing.
According to sources, Morgan Stanley’s Counterpoint Global, WCM Investment Management, Goldman Sachs Asset Management, White Oak Capital Partners and Nomura Asset Management also placed bids to be anchor investors. Most of the top mutual fund funds also participated.
Global and domestic institutional Titans lead the anchor book
Sources said, among the main Indian investors are LIC (Rs 700 crore), HDFC Mutual Fund and ICICI Mutual Fund (Rs 175 crore each) and Kotak Mutual Fund (Rs 100 crore).
The biggest IPO of the current calendar year and largest since Hyundai Motor India’s Rs 27,859-crore offer last year will open for the public on October 6 and close on October 8. The total IPO size of Tata Capital is Rs 15,512 crore at the upper price band.
Key IPO dates and issue breakdown
Tata’s offering will involve the sale of as many as 475.8 million new and existing shares by Tata Capital, its parent and International Finance Corp., according to the IPO prospectus.
Tata Capital will start taking orders from the broader public from Monday, with shares being offered at Rs 310 to Rs 326 apiece through Wednesday. That would value the shadow lender at high as Rs 1.4 lakh crore. The shares are scheduled to begin trading on October 13.
Of the total number of shares being sold in the IPO, half will be earmarked for qualified institutional buyers, 35% for retail investors and the rest for non-institutional investors, including wealthy individuals. As much as 60% of the institutional portion can be allocated to anchor investors, according to the prospectus.