HDFC AMC IPO Subscribed 5.52 Times On Second Day
Non-institutional buyers led the demand for HDFC AMC’s IPO on the second day.
HDFC Asset Management Company Ltd.’s initial public offering was subscribed 5.52 times on the second day of bidding today.
The Rs 2,800-crore maiden offer of the country’s second-largest asset manager received maximum demand from high networth individuals and qualified institutional buyers, according to data given by lead manager Axis Capital.
The portion reserved for high networth individuals received 13.9 times demand, while that of institutional buyers was subscribed 5.89 times. The category reserved for retail investors fetched 3.5 times the bid, data showed.
HDFC Ltd. and Standard Life are selling a little over 2.5 crore shares at Rs 1,095-1,100 per share in their joint venture. At the upper end of the price band, the company will be valued close to Rs 23,319 crore.
HDFC AMC had raised Rs 731.9 crore from anchor investors at Rs 1,100 per share. Foreign investors in the anchor allotment included DSP Blackrock, Goldman Sachs, Fidelity Investments. Domestic investors who participated were ICICI Prudential Capital, Aditya Birla Sunlife and Axis Mutual Fund.