HDFC Standard Life Mops Up Rs 2,321 Crore From Anchor Investors
Shares were allocated to 22 anchor investors at Rs 290 apiece.
HDFC Standard Life Insurance Company, a subsidiary of country’s largest mortgage lender HDFC, today raised Rs 2,321.98 crore by selling shares to institutional investors as part of its anchor book allocation ahead of its initial public offering.
India’s third-largest private sector life insurance company allocated 8.06 crore shares to 22 anchor investors at the upper end of the price band. The life insurer will sell up to 29.9 crore equity shares through the IPO at a price band of Rs 275-290 apiece.
ICICI Prudential equity income fund, Kuwait investment authority of India, JPMorgan India Fund, Government of Singapore, IDFC equity Fund, Birla Sun Life Insurance Company Ltd, IIFl India Growth Fund, Blackrock Asia Fund, are among the anchor investors.
Anchor investors are large institutions that are allotted shares ahead of an initial public offering to boost demand.
HDFC Life is a joint venture between HDFC and Standard Life Aberdeen plc.
The IPO is an offer for sale with HDFC selling 9.52 percent stake and its joint venture partner Standard Life Plc. divesting 5.4 percent. HDFC will raise nearly Rs 5,550 crore and Standard Life Rs 3150 crore at the top end of the price band.
Morgan Stanley, HDFC Bank, Credit Suisse, CITIC CLSA Securities and Nomura Financial Advisory and Securities are managing the issue, among others.
