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The further fund offer (FFO) of Bharat-22 ETF has been a resounding success with strong participation of foreign institutional investors (FIIs) and good retail investor interest.
The FFO was subscribed more than 2.33 times the targeted initial amount of ₹6,000 crore, attracting applications for an amount of ₹14,000 crore, an official release said.
The issue opened on June 20 and closed on June 22 for non-anchor investors.
There was wide participation from FIIs under the anchor and qualified institutional buyers (QIB) categories. The Centre reserves the right to retain the oversubscribed portion to the extent of ₹2,400 crore.
The Bharat-22 ETF comprises top-performing 16 CPSEs covering six sectors, three public sector banks and three private companies where SUUTI has stakes.
The Bharat-22 ETF was launched by the government in FY17-18. This is the first FFO of the ETF.
With more than one lakh retail applications received, the FFO witnessed widespread retail participation.
In the anchor investor category, the offering was subscribed 3.4 times, raising more than ₹5,000 crore.
More than ₹9,000 crore was subscribed by non-anchor investors.
Despite the challenging market, the ETF has garnered very strong subscription with encouraging response from FIIs (which have subscribed to the extent of ₹7,500 crore), the release added.
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