India’s first ever metal industry share sale through qualified institutional placement (QIP) floated by Hindalco Industries generated overwhelming response in the market last week. Institutional investors lapped up the shares which went on to reinforce their confidence in the aluminium major’s manufacturing success. Hindalco Industries Ltd raised US$550 million over the last weekend through the QIP.
The QIP- the largest non-bank issue since Indiabulls’s QIP in 2015, saw demand surging more than 3 times and exceeded US$1.5 billion, reported sources aware of the matter. Hindalco had priced the QIP at a premium of 2.7 per cent to the Sebi floor price of INR 184 per share.