Overview

• The share sale runs October 7–10 with an all offer-for-sale issue of about Rs 11,607 crore at a price band of Rs 1,080–1,140 per share.
• An IPO priced at the top of the range implies a roughly $8.7 billion valuation, markedly below the $15 billion level discussed last year.
• Anchor bidding opened Monday, with ADIA, Norges Bank Investment Management, GIC, BlackRock and Fidelity reported in talks to participate, subject to final allocations.
• India’s largest asset managers, including SBI Mutual Fund, ICICI Prudential AMC and Nippon Life India AMC, are also reported to be set to invest in the anchor book, according to people familiar.
• Grey market indications show a premium of about Rs 278, pointing to a potential listing near Rs 1,418, with trading slated to begin October 14 on the NSE and BSE.