The latest Government of India’s disinvestment initiative through ICICI Prudential Mutual Fund’s BHARAT 22 ETF has received an overwhelming response from investors with the NFO attracting applications worth Rs.32,000 crore against the initial NFO size of Rs.8000 crore. The company claims that it is the highest ever NFO subscription in the history of Indian MF industry.
Earlier this month, the government had signalled that it would increase the size of the issue depending on the response. It is now understood that both the retail and retirement funds would be given full allocation while anchor investors and qualified institutional buyers will get proportionate allocation. In all, Rs.14,500 crore would be retained against the original target of Rs.8000 crore.
There were nearly 3.35 lakh retail applications and the anchor investors portion was oversubscribed six times.
In a press release, Neeraj Kumar Gupta, Secretary, Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, Government of India said," We are very pleased with the tremendous response BHARAT 22 ETF managed by ICICI Prudential has seen from all categories of investors.”
“During the three days reserved for non-anchor investors, we witnessed an over whelming response from all investors particularly retail segment. In due course, the ETF will be listed,” said Nimesh Shah, MD & CEO, ICICI Prudential AMC.