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Abu Dhabi’s sovereign fund has been named as one of the anchor investors in India’s Brainbees Solutions Ltd, ahead of its IPO, with subscriptions opening on August 6.
The Abu Dhabi Investment Authority invested 669.8 million Indian rupees ($8 million) in the operator of the retail platform FirstCry, with 1.44 million shares allocated, amounting to a 3.55% stake at INR 465 per equity share. FirstCry is a retail platform selling baby products including clothes, diapers and toys.
Brainbees Solutions raised INR 18.85 billion in its anchor investor allocation of 40,555,428 equity shares at a price of INR 465 per equity share, with some of the big-ticket names including the Government of Singapore, the Monerary Authority of Singapore, Fidelity Funds, Goldman Sachs Funds, CitiGroup Global Markets Mauritius, and the SBI Blue Chip Fund.
Out of the total allocation to anchor investors, 1,51,60,928 equity shares (37.38%) were allocated to eight Indian domestic mutual funds across 23 schemes.
The IPO, with a price band of INR 440 to INR 465 a share, opened for public subscription today, 6 August 2024 and will close on 8 August 2024. According to Indian news portal Livemint.
The allotment of shares is likely to be finalised by 9 August, with the listing expected to take place on 13 August on the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE).
The IPO aims to raise INR 41.84 billion, including an offer-for-sale (OFS) of 54,359,733 equity shares by existing shareholders and a fresh issuance amounting to INR 16.66 billion.
The net proceeds of the IPO will be deployed to build a new, modern facility and warehouse in India and Saudi Arabia, along with further investment in its subsidiary, and cover lease payments for existing boutiques.
Kotak Mahindra Capital, Morgan Stanley India, BofA Securities India, JM Financial, and Avendus Capital are the book-running lead managers for the IPO. Link Intime India is the registrar for the offering.
ADIA has been actively investing in India in recent weeks, with the sovereign fund named as an anchor investor in the country’s Akums Drugs and Pharmaceuticals, with a total amount allocation of 500 million Indian rupees.
Last week, ADIA was also named as part of a Blackstone consortium bidding for a INR 400 billion majority stake in Indian food brand Haldiram’s.
(Writing by Bindu Rai, editing by Seban Scaria)