Aditya Birla Sun Life AMC IPO Subscribed 5.24 Times On Day 3
Bidding for shares of Aditya Birla Sun Life Asset Management Co. ended on the third day of its initial public offering, as the issue was subscribed 5.24 times at 7 p.m.
The offer was the twelfth-least subscribed of the year so far, despite the option to apply for shares being extended by two hours.
The IPO received bids amounting to 0.58 times and 1.07 times on its first and second days, respectively.
The fund house, set to become the country’s fourth to list on the bourses, is selling shares at Rs 695-712 apiece, according to its red herring prospectus. The Rs 2,768.3-crore IPO is an offer-for-sale of 3.88 crore shares by promoters Aditya Birla Capital Ltd. and Sun Life (India) Asset Management Investment Inc.
The company is seeking a market valuation of Rs 20,505 crore at the upper end of the price band.
Ahead of its initial share sale, the mutual fund house raised Rs 789 crore by allotting shares to 50 anchor investors.
Subscription Details: Day 3
The IPO was subscribed 5.24 times as of 5 p.m. on Oct. 1.
Institutional investors: 10.36 times.
Non-institutional investors: 4.39 times.
Retail investors: 3.22 times.
Shareholders: 1.53 times.