Shriram Properties raises ₹269 crore from 34 anchor investors

Shriram Properties raises ₹269 crore from 34 anchor investors

Shriram Properties received 0.93 times subscription on the maiden day of the opening of its initial public offering (IPO) from retail and anchor investors, with a total commitment of ₹576 crore.

The Bengaluru-based company has raised ₹268.64 crore by allotting 22,766,949 equity shares to 34 anchor investors ahead of its IPO at the upper price band of ₹118 per equity share, including share premium of ₹108 per equity share.

Marquee investors including Nomura Asset, SBI Life, Nippon, Sundaram Mutual Fund,

, HDFC Mutual Fund, Birla Mutual Fund and Premji Invest have been onboarded.

Out of the total allocation to the anchor investors, 8,474,625 equity shares or 37.22% were allocated to four domestic mutual funds through a total of 24 schemes.

The price band of the offer has been fixed at ₹ 113-118 per equity share. Bids can be made for a minimum of 125 equity shares and in multiples of 125 equity shares thereafter.

The offer comprises equity shares aggregating up to ₹600 crore. It includes fresh issue of equity shares aggregating up to ₹250 crore and an offer for sale aggregating up to ₹350 crore.

Axis Capital Limited, ICICI Securities Limited and Nomura Financial Advisory and Securities (India) Private Limited are the book running lead managers.

The proposed IPO will reduce the stake of the existing investors to 34.81% from 58.35% now.

The company had raised $270 million between 2008 and 2014 from institutional investors. Cumulatively, these investors own three-fifths of the company. Its existing key investors include TPG Capital, Starwood Capital, Walton Street Capital and Tata Capital.

BCCL and/or its subsidiaries hold 0.002% of the equity capital of Shriram Properties Limited as on the date of filing of the DRHP.

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