Free flow

6 June 2017 By Una Galani Follow @ugalani

The OECD is bashing bankers from Wall Street to China for high IPO fees. Meanwhile, advisers may pocket just one rupee for selling up to $2.3 bln of State Bank of India shares. It’s not much better working for private issuers but at least the overall fee pot is rising.

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State Bank of India on June 5 launched a share sale to institutional investors to raise as much as 150 billion rupees ($2.3 billion).

The bank is selling new shares in a price range of 275.76 rupees to 287.25 rupees, in the biggest-ever qualified institutional placement (QIP), according to a deal term sheet seen by Reuters. The share sale was fully subscribed within hours, it added, citing three sources.

The price range is an up to roughly 4 percent discount to the stock's closing price of 287.25 rupees. Bank of America Merrill Lynch, Deutsche Bank, IIFL, JM Financial, Kotak, and SBI Capital are advising on the transaction.

IFR, a Thomson Reuters publication, earlier reported that local outfit IIFL quoted the lowest fee of one rupee and the other banks were asked to match that.

Context News

State Bank of India on June 5 launched a share sale to institutional investors to raise as much as 150 billion rupees ($2.3 billion).

IFR, a Thomson Reuters publication, earlier reported that local outfit IIFL quoted the lowest fee of one rupee and the other banks were asked to match that.

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