For the first time, the state owned company has made provisions for allotment to anchor investors to help garner more value for the IPO.
About 61% of the anchor portion was allotted to four domestic mutual funds such as HDFC, Nippon Life, Invesco and ITPL who have applied through 20 schemes. About 16.93% was subscribed by the Government Of Singapore. Other anchor investors include Monetary Authority of Singapore, SBI Pension Fund, PNB Paribas, Kuwait Investment Authority, Kotak Mahindra International, Tata AIG General Insurance, Rising India Focus Fund and Aditya Birla Sun Life Insurance.
In November, in an investor interaction hosted by the Mumbai based DAM Capital, Tuhin Kanta Pandey, secretary of the Department of Investment and Public Asset Management (DIPAM), said that anchor allocations in public-sector IPOs are a key part of the value unlocking process and the government will be open to exploring it.
The Rs 4,633-crore IPO of IRFC is set to open for subscription on Monday, January 18, 2021, in the price band of Rs 25-26 apiece.