Allocations 'a nightmare' for SBI’s $1.3bn placement

By Clare Hammond
07 Feb 2014

The State Bank of India’s Rs80.1bn ($1.3bn) block on January 30 may rank as the country’s biggest ever qualified institutional placement (QIP), but bankers were left frustrated by the structure. The process meant there was a four-day gap between books closing and finalising allocations.

“It was a nightmare,” one head of ECM syndicate said when asked about how the 51.2m primary shares were eventually allocated to investors. “It wasn’t so much banks fighting among themselves for more shares for their own clients, because that always happens, but more about making sure the ...

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