The participation pattern indicates a broad institutional conviction ahead of the public issue, which from December 12 to 16 raised Rs. 2,061 to Rs. 2,165 at a price band of Rs. The offer is a pure offer for sale by Prudential Corporation Holdings, which is scheduled to list on BSE and NSE on December 19.
Sovereign wealth funds made the largest initial allocation. Temasek entity Aranda Investments and Zulia Investments together raised Rs. 248.44 crore was subscribed, while the GIC entity received Rs. 168.96 crore was allotted. Abu Dhabi Investment Authority Rs. 50 crore and Norges Bank, the manager of Norway’s government pension fund Global, gave Rs. 125 crores were obtained.
Foreign institutional investors have also subscribed in meaningful size. The Fidelity Group entities have together invested Rs. 150 crore, while FMR LLC-linked structures received Rs. 125 crores were obtained. Aberdeen and abrdn SICAV Funds to Rs. 50 crore was allotted. BlackRock and Goldman Sachs Asset Management received Rs 50 crore each and Wellington Management vehicles collectively received an allocation of Rs 50 crore. JP Morgan’s multiple funds have a combined Rs. 125 crore was allotted.
Domestic financial institutions feature equally prominently. Life Insurance Corp. Rs. 170 crore received the largest individual allocation. Every major private-sector life insurer also subscribed, including SBI Life, HDFC Life, Kotak Life, Aditya Birla Sun Life and Bajaj Life. General insurance companies like United India Insurance, Reliance General, Bajaj General and Go Digit Life also participated.
Mutual fund participation was equally deep. HDFC Mutual Fund has invested around Rs. 154 crore has been invested in multiple schemes. SBI Mutual Fund Schemes are also around Rs. 154 crores. Nippon India Mutual Fund Rs. 88.56 crore, while Kotak Mutual Fund got Rs. 79.91 crore was taken. Axis, Mirae Asset, Aditya Birla Sun Life, UTI, Franklin Templeton, Canara Robeco, Tata, DSP, Edelweiss, Bandhan, Motilal Oswal and PGIM India were also featured.
Long-term domestic pools such as the National Pension System are also subscribed. HDFC Pension, SBI Pension and UTI Pension each cost around Rs. A big bid of 45 crores was placed. International pension participation came from the Los Angeles City Employees’ Retirement System.
Ahead of the anchor round, the fund house had raised money from 26 marquee investors, including billionaires Jhunjhunwala family, Madhusudhan Kela, Manish Chokani and Prashant Jain.
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