The central public sector enterprise (CPSE) exchange traded fund (ETF) gets bids of around Rs 12,000 crore – over two and a half times the base issue size of Rs 4,500 crore, a PIB release said.

ETF is a marketable security that tracks a commodity or bonds, and trades like a common stock on stock exchange.

CPSE ETF further fund offer (FFO) received applications from over two lakh investors from 300 cities across India. This was the largest disinvestment program undertaken by the government of India using ETF and largest fund offering by any mutual fund in India till date. Anchor investors submitted bids of Rs 6,000 crore.

CPSE ETF FFO is part of larger disinvestment program announced by the department of investment and public asset management (DIPAM), ministry of finance. FFO was launched from January 17-20, 2017. Investors across all categories offered five percent upfront discount.

EPFO, SBI Bank, LIC, Morgan Stanley, Nomura and Kotak MF amongst prominent domestic and foreign institutions participated as anchor investors. The non-anchor portion received bids of Rs 6,000 crore – two times of Rs 3,000 crore (base) reserved in the issue. Non-anchor portion was largely subscribed by retail investors and PFS – both domestic and foreign.