Amber Enterprises Mops Up Rs 178 Crore From Anchor Investors

Amber Enterprises Ltd., India’s largest air-conditioner equipment vendor, raised Rs 178.71 crore from anchor investors ahead of its initial public offering that opens tomorrow.

The Gurugram-based company allotted 20.8 lakh shares to 15 anchor investors at the upper end of the price band, according to an exchange filing.

Abu Dhabi Investment Authority, BlackRock India, Goldman Sachs India, ICICI Prudential Value Fund, HDFC Small Cap Fund, Reliance Capital Trustee Co Ltd., are among the anchor investors. Nine mutual funds have applied through a total of 14 schemes.

Also Read: Amber Enterprises IPO: All You Need To Know

Before an IPO opens, shares are allotted to anchor investors, which are usually large foreign and domestic funds, to show backing for the offer by institutional investors.

The supplier for companies like Hitachi and Daikin will sell shares at Rs 855-859 apiece to raise up to Rs 600 crore. The company will mop up Rs 475 crore by issuing new stock while promoters Jasbir Singh and Daljit Singh will sell part of their stake to raise the remaining amount.

It will be the third IPO of 2018 after Apollo Micro Systems and Newgen Software, and follows a record year of maiden offerings during which 36 companies raised about Rs 67,000 crore.