Reliance Nippon AMC IPO Subscribed 81 Times On Final Day
This is the first initial share sale by a major asset management company in India.
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The initial public offer of Reliance Nippon Life Asset Management was subscribed 81.22 times so far on the last day of bidding today.
The IPO to raise an estimated Rs 1,542.42 crore received bids for 347 crore shares against the total issue size of 4.28 crore shares (excluding anchor portion), according to NSE data till 4:15 pm.
Till yesterday, the IPO was oversubscribed 7.45 times. Anil Ambani-led Reliance Group's asset management arm on Tuesday raised a little over Rs 462 crore from anchor investors.
The company has fixed the price band at Rs 247-252 per share.
This is the first initial share sale by a major asset management company in India, though smaller rival UTI Mutual Fund's IPO plans have been in the works for a long time.
It is also the first IPO from the Reliance group after Reliance Power in 2008. Other listed firms of the group include Reliance Capital, Reliance Home Finance, Reliance Communications, Reliance Naval and Engineering and Reliance Infra.
The public issue comprises fresh issuance of 2.45 crore shares, besides an offer for sale of 3.67 crore shares by Reliance Capital and Nippon Life Insurance Company.
JM Financial, CLSA, Nomura and Axis Capital are the global coordinators and book running lead managers for the initial share sale.
