NSE Secures Rs 6,746 Crore in Anchor Allocation Led by Global Sovereign Funds and LIC

The National Stock Exchange of India (NSE) kicked off its milestone public listing process by raising ₹6,746.18 crore through an oversubscribed anchor book allocation. The exchange's board approved the allotment of 3,77,93,739 equity shares to 189 institutional investors at ₹1,785 per share, the top end of its ₹1,700 to ₹1,785 price band.

The anchor book witnessed overwhelming demand, drawing institutional bids worth nearly ₹1.2 lakh crore—roughly 20 times the allocated anchor tranche size.

Sovereign Wealth Funds Anchor Tranche

Global sovereign institutions and state pension funds featured prominently in the allocation, cementing foreign institutional appetite for India's primary equity infrastructure:

• Norway's Government Pension Fund Global (GPFG): Managed by Norges Bank Investment Management, the fund secured 14,40,560 shares, translating to an investment of approximately ₹250 crore (representing 3.71% of the anchor allocation).
• Abu Dhabi Investment Authority (ADIA): Investing through its Monsoon affiliate, ADIA picked up 11,20,448 shares worth ₹200 crore (around 2.96% of the anchor shares).
• Singapore Sovereign Entities: GIC and the Monetary Authority of Singapore (MAS) took up a substantial allocation, with MAS securing shares worth ₹200 crore.
• Lunate Capital and Global Asset Managers: Abu Dhabi-based alternative investment manager Lunate joined global financial heavyweights including Fidelity International, Goldman Sachs, Morgan Stanley, Eastspring Investments, and Societe Generale, whose offshore derivative desk picked up 1.77 million shares worth ₹316 crore.

Domestic Financial Heavyweights Lead Individual Allotment

Life Insurance Corporation of India (LIC), which stands as NSE's single largest existing shareholder with a 10.72% holding, emerged as the biggest anchor buyer. LIC was allotted 22,42,584 shares valued at ₹400.30 crore. Across its broader group entities—including LIC Mutual Fund and LIC Pension Fund—the state-owned insurer deployed over ₹500 crore into the anchor round.

The State Bank of India (SBI) group mirrored this commitment, deploying over ₹400 crore across SBI Mutual Fund, SBI Life Insurance, SBI General Insurance, and SBI Pension Fund.

In total, domestic institutional investors accounted for ₹3,588 crore, or roughly 53% of the anchor book. A total of 29 domestic mutual funds, applying through 98 individual schemes, secured 1.40 crore shares, or nearly 37% of the total anchor pool. Foreign portfolio investors (FPIs) took up the remaining ₹2,883 crore, or approximately 43% of the book.

Key Issue Details and Market Significance

The initial public offering comprises entirely an offer for sale (OFS) of up to 12.64 crore equity shares by existing investors, meaning all proceeds will flow to selling shareholders with no fresh capital raised by the exchange itself. At the upper price band of ₹1,785, the public issue aims to raise approximately ₹22,569 crore, positioning it among the largest offerings in Indian capital market history.

NSE Managing Director and CEO Ashishkumar Chauhan noted that the anchor exercise drew unexpectedly large institutional demand. For Indian investors, the strong presence of sovereign wealth funds and long-term domestic asset managers sets a stable reference pricing point at ₹1,785 and signals long-term confidence in the exchange's trading volumes, clearing operations, and dominant domestic market share.

Tags: National Stock Exchange NSE IPO LIC ADIA Norges Bank Capital Markets