HDB Financial Services Ltd. raised an anchor round of nearly Rs 3,370 from institutional investors on Tuesday ahead of opening the initial public offering.
The HDFC Bank subsidiary has allocated 4.55 crore of shares to lock investors at an upper price band of Rs 740 per share, the stock exchange filing states.
Marquee investors include the Indian Life Insurance Corporation, ICICI Prudential MF, Nippon Life India MF, BlackRock, Axis MF, Aditya Birlasan Life MF, UTI MF, Schroeder International Selection Fund, and Goldman Sachs Fund.
LIC has secured a 6.5% allocation by investing the highest Rs 220 in the pre-IPO round.
Almost 43% of the total allocation to anchor investors was allocated to 22 domestic mutual funds, applied in a total of 65 schemes.
According to regulations, anchor investors have a lock-in period up to three months after allocation. Specifically, 50% of the stock is locked for 90 days from the allotment date, while the remaining 50% is locked for 30 days from the allotment date. This means that these shares cannot be sold during these periods. These norms ensure the commitment of anchor investors and prevent market volatility.
