Pipavav Shipyard’s public issue of 8.5 crore shares which will open on Wednesday, was subscribed to by six anchor investors. Commonwealth Equity Fund and Batterymarch Financial Management Inc A/C Legg Mason Emerging Markets Trust are among the anchor investors who subscribed to the INR 510 crore issue.
The other anchor investors include GI India II, Marshal India Select Fund Ltd and India Diversified Ltd. The anchor investors subscribed to a total of 1.5 crore shares at INR 60 a share. The price band for the issue has been fixed at INR 55 to INR 60.
SEBI introduced the concept of anchor investors in June. An anchor investor can subscribe for up to 30% of the 60% portion reserved for QIBs in an IPO. Such an investor will have a lock in period of one month.
Expert said that anchor investors will get firm allotment of shares, as opposed to the proportionate allotment for the other QIB constituents.
(Sourced from http://www.steelguru.com/news/index/2009/09/17+09%3A38%3A07/MTEyMDgz/Pipavav_IPO_draws_6_anchor_investors.html)
Thursday, September 17, 2009
Pipavav IPO draws 6 anchor investors
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