MarketPR
The IPO of India's largest asset manager closed Thursday with total bids reaching $31 billion, making it the country's single biggest public offering of the year.
Institutional investors drove the demand, generating a level of interest the market has described as a frenzy. The $31 billion print $31 billion in aggregate bids is the number the session produced.
For an asset management company, institutional appetite at that level signals a direct bet on the expansion of India's managed-funds industry.
Asset managers earn fees on assets under management, and the revenue base scales with flows. That arithmetic sits cleanly on an institutional investment model.
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