Asia’s Oldest Bourse’s IPO Subscribed 51 Times on Final DayBy
Singapore Exchange, George Soros, Atticus selling shares
Bids for 552.3 million shares versus 10.8 million offered
BSE Ltd., the operator of Asia’s oldest bourse and India’s first stock exchange to list, received bids for over 51 times the shares in an initial public offering ending Wednesday.
Bids were placed for 552.3 million shares compared with 10.8 million shares on offer as of 7.30 p.m. local time, according to National Stock Exchange data.
Caldwell India Holdings, Acacia Banyan Partners, Singapore Exchange Ltd. and the Mauritius-based arms of American investor George Soros’ Quantum Fund and foreign fund Atticus Capital were among big investors selling shares in the bourse, according to a draft sale document filed with the regulator in September. BSE gets about 27 percent of its revenue from transactions, as much as 24 percent from listing, about 42 percent from other sources, and three percent from market data, according to the offer document.
Edelweiss Financial Services Ltd., Axis Capital Ltd., Jefferies India, Nomura Financial Advisory and Securities (India) Pvt, Motilal Oswal Investment Advisors, SBI Capital Markets and SMC Capitals are managing the share sale.
Rival National Stock Exchange of India Ltd. also filed a draft prospectus last month for an initial public offering for about 100 billion rupees ($1.5 billion), pushing ahead with the nation’s biggest listing in more than six years after its top executive resigned.
— With assistance by Paresh Jatakia