The overall book, excluding the anchor award, has been subscribed 1.56 times. At 5 p.m., the institutional investor category subscribed 1.40 times the 14.20 million shares offered. The non-institutional category of high net worth individuals attracted 60% or 0.60 times the shares reserved for the category.
Individual retail investors, whose investments may not exceed the maximum ceiling of ??2 lakh in an IPO, asked for 351% or 3.51 times the shares offered, according to stock market data.
“There are no peers in the listed space who are engaged in activities similar to those of FSN. At a higher price bracket of Rs. 1,125, the company demands an EV / TTM sales multiple of 21.6x, which appears to be a reasonable price. Given the growth potential in the beauty and personal space as well as the low penetration of e-commerce, we believe FSN has a huge untapped market, ”according to the Choice Broking rating.
The firm lifted on Wednesday ??2396 crore of anchor investors by allocating 21.30 million shares to ??1,125 per share, according to BSE data. BlackRock Global Funds, Fidelity Funds, Nomura, Government of Singapore, Monetary Authority of Singapore, Canada Pension Plan Investment Board, T Rowe Price, Tiger Global Investments Fund, Goldman Sachs and Morgan Stanley are among investors who participated in the anchor portfolio.
The firm has set the price range for its initial public offering (IPO) at ??1085-1125 an action. He seeks a valuation of ??52,574 crore (approximately $ 7.4 billion).
The company increased its new issue to ??630 crores ??525 crores earlier. The offer to sell was reduced to 41.97 million shares from 43.11 million shares. The company plans to be listed on November 11.
On the upper price bracket, the business will increase by approximately ??5352 crores.
OFS includes up to 4.8 million shares by Sanjay Nayar Family Trust, up to 5.42 million shares by TPG Growth IV SF Pte, up to 4.84 million shares by Lighthouse India Fund III, up to 2.54 million shares by Yogesh Agencies & Investment, up to 9.14 lakh shares by JM Financial Advisory and Investment Services, up to 7.05 million shares by Sunil Kant Munjal, up to 10.20 million shares by Harindarpal Singh Banga jointly with Indra Banga, up to 2.34 million shares by Narotam Sekhsaria.
Currently, Falguni Nayar Family Trust and Sanjay Nayar Family Trust respectively hold 22.33% and 23.67% of the capital of the company. TPG Growth holds 3.48% while Lighthouse India Fund II 3.11%. Sinil Kant Munjal holds 4.53% of the capital while Harindarpal Singh Banga together with Indra Banga holds 8.7% of the capital of the company.
This article first appeared on livemint.com.