Punjab, Sept. 16 -- The NSE's anchor book was placed at around Rs 6,250 crore on Wednesday, with chief executive Ashishkumar Chauhan describing demand as "unexpectedly large". The main issue opens on Thursday.
The detail worth noticing
The anchor book was cut, not raised. It had earlier been expected at around Rs 9,000 crore and was reduced to a little over Rs 6,000 crore - while demand ran far ahead of what was on offer.
That is a deliberate choice and a revealing one. Shrinking the anchor allocation leaves more stock for the main book, which tends to produce higher subscription numbers across every category and a tighter float at listing.
It is the behaviour of a seller confident enough in demand to leave money on the table for the op...