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LIC, ICICI Bank bailout JSW Energy IPO
JSW Energy's intial public offering (IPO) that closed yesterday managed to garner only a lukewarm response from investors. CNBC-TV18 learns that the issue was bailed out by LIC and ICICI Bank. CNBC-TV18's Vidhi Godiawala reports.
JSW Energy's intial public offering (IPO) that closed yesterday managed to garner only a lukewarm response from investors. CNBC-TV18 learns that the issue was bailed out by LIC and ICICI Bank . CNBC-TV18's Vidhi Godiawala reports.
Here is a verbatim transcript of Vidhi Godiawala's comments on CNBC-TV18. Also watch the accompanying video.
JSW Energy IPO was subscribed 1.68 times. The countries largest insurer LIC and India's largest private bank ICICI Bank has bailed out the issue that is what we are picking up from our sources. We understand that ICICI Bank has put in bids of about Rs 750 crore and LIC has put in bids of about Rs 1,900 crore that is what our sources are telling us. In fact the foreign presence has been pretty miniscule and if you go to see LIC's bid of nearly Rs 1,900 crore, which is 1.36 times of the total QIB (Qualified Institutional Buyer) portion and in fact excluding the anchor investor LIC's bid is nearly 2.11 times of the total QIB portion.
Also, ICICI Bank and SBI we understand have scaled down their bids, where earlier ICICI Bank had put in bids of about Rs 1,200 crore and SBI too has scaled it down to about Rs 100 crore. So, together LIC and ICICI Bank have been put in bids close to Rs 2,600 core in a total issue size of Rs 2,700 crore.
Disclaimer:
This information is source-based and is not provided to the stock exchanges.
