Indian IPO

Anchor investors buy 13.3% of Indian auto parts maker's IPO

The anchor tranche of Samvardhana Motherson Finance's $313 million IPO prices below the mid-point of the range.
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SMFL specialises in supplying wing mirrors to auto makers
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<div style="text-align: left;"> SMFL specialises in supplying wing mirrors to auto makers </div>

Indian auto components manufacturer Samvardhana Motherson Finance SMFL has secured Rs2.22 billion or about 13.3% of the funds targeted through its initial public offering from anchor investors, including the Government of Singapore, an announcement on the National Stock Exchange of India website shows. The amount is slightly below the maximum 15% that was set aside for anchor investors, although that may be partly because the company hasn’t fixed the number of shares to be sold.

Instead, SMFL has said that it aims to raise a total of Rs16.65 billion $313 million at a price between Rs113 and Rs118 per share. The offering opens for subscription for non-anchor investors today and...

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