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Indian corporate jewel ETF sees inflows of over USD1bn in first month

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One of the most successful ETF launches of 2017 has been Indian asset manager ICICI Prudential’s Bharat 22 ETF which has seen inflows of over USD1 billion since launch in November.

The ETF BHARAT 22 ETF NFO was over-subscribed four times the initial size ad across al the investment subscription categories. The ETF is the latest Government of India’s disinvestment initiative through ICICI Prudential Mutual Fund’s BHARAT 22 ETF.

The ETF provides exposure to some of India’s corporate ‘jewels’ through stakes sold by the central government and carries a 3 per cent discount offered to initial investors by the government.

Each of the investment categories – Anchor Investors, Retail Individual Investors, Retirement Funds and QIB (Qualified Institutional Buyers) with NII (Non-Institutional Investors) were allocated 25 per cent all of which were oversubscribed.

Shri Neeraj Kumar Gupta, Secretary, Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, Government of India, says: “We are very pleased with the tremendous response BHARAT 22 ETF managed by ICICI Prudential has seen from all categories of investors.”

“During the three days reserved for non-anchor investors, we witnessed an overwhelming response from all investors particularly the retail segment. In due course, the ETF will be listed,” says Nimesh Shah, MD & CEO, ICICI Prudential AMC. ‟We would like to thank Ministry of Finance for giving us an opportunity to be a part of its disinvestment program.”

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