Overview
- The book-built offer runs Nov 7–11 in a Rs 210–221 price band, targeting Rs 3,899.91 crore (Rs 2,080 crore fresh issue plus Rs 1,819.91 crore OFS) with a tentative listing on Nov 14 and proceeds earmarked for debt reduction, tech spend and overseas units.
- A day before opening, 7.93 crore shares were placed with 71 anchor investors at Rs 221 to raise about Rs 1,754 crore, drawing funds such as Franklin Templeton, Nomura, Morgan Stanley Asia Singapore and SBI Mutual Fund.
- By Day 1 mid-session, total bids were roughly 7–11% of shares on offer, the employee quota was oversubscribed (about 1.5–2.1 times), retail uptake was around 30–49%, NIIs were low single digits and QIBs had not bid.
- Grey market indications pointed to only modest potential listing gains, with the premium reported near Rs 12 early and slipping to about Rs 5 later in the day, according to tracker data.
- RHP disclosures flagged elevated ESOP costs (Rs 180.08 crore across FY25 and Q1 FY26) driven by cash‑settled award settlements and grant changes, alongside 2.75 crore shares allotted in October from recent option exercises.