BSE raises Rs373 cr from anchor investors ahead of IPO

India's leading stock exchange the BSE today raised Rs373 crore by allotting shares to anchor investors ahead of its much-awaited initial public offer opening on 23 January.

The exchange has allotted shares to anchor investors at the price of Rs806 apiece, the higher end of its IPO price band of Rs805-806.

Among the anchor investors are Goldman Sachs Asset Management, ICICI Prudential Mutual Fund, Kotak Mutual Fund, Citigroup, IDFC Mutual Fund, DSP Blackrock, Capital World, Reliance Capital Trustee Company and Kuwait Investment Authority Fund, according to a release.

The stock exchange aims to raise up to Rs1,243 crore from its IPO, which opens on 23 January and closes on 25 January. It will be the first by a domestic stock exchange.

During the initial share sale - this year's first as well - shareholders will sell 15.43 million shares estimated to be around Rs1,243.44 crore at the higher end of the price band.

The IPO of 15,427,197 shares of face value of Rs 2 each will constitute up to 28.26 per cent of the fully-diluted post offer issued share capital of BSE.

Bids for the issue can be made for a minimum of 18 shares and in multiples of 18 thereafter.

Among the existing shareholders are Bajaj Holdings Investment, Caldwell India Holdings, Acacia Banyan Partners, Singapore Exchange, Mauritius-based arm of American investor George Soros' Quantum Fund and foreign fund Atticus.

There are an estimated 9,000 shareholders in BSE, where originally mostly brokers held shares. However, a host of foreign investors and domestic financial institutions have acquired shares over the years and the IPO will provide some of them an exit window to monetise their investments.

The BSE shares will be listed on the National Stock Exchange as Securities and Exchange Board of India rules do not allow self-listing for an exchange.

Capital market regulator Sebi had given its final go-ahead to the draft prospectus for the IPO on 30 December.

Meanwhile, NSE had filed draft papers with Sebi last month for an estimated Rs10,000 crore IPO.

The BSE issue is being managed by Edelweiss Financial Services, Axis Capital, Jefferies India, Nomura Financial Advisory and Securities (India) Pvt, Motilal Oswal Investment Advisors, SBI Capital Markets and SMC Capitals.

Multi Commodity Exchange of India is the only listed bourse in the country.