Signage for Housing Development Finance Corp. (HDFC) is displayed outside the company’s offices in Mumbai (Photographer: Vivek Prakash/Bloomberg)

HDFC AMC IPO Subscribed 83 Times On The Final Day

Subscription as of 7:30 pm

  • Qualified institutional buyers: 192.26 times
  • Non institutional investors: 195.15 times
  • Retail investors: 6.61 times
  • Overall: 83 times

HDFC Asset Management Company Ltd.’s initial public offering was subscribed 83 times on its final day of bidding today.

The Rs 2,800-crore maiden offer of the country’s most profitable asset manager received the highest demand from non-institutional investors. The category received 195.15 times more demand than the shares on offer. The segment reserved for qualified institutional buyers got subscribed 192.26 times until 7:30 p.m, according to lead manager Axis Capital. The retail investor segment was subscribed 6.61 times.

Also read: HDFC AMC’s Initial Public Offering: Here’s All You Need To Know

The public offer comprised of 2,54,57,555 shares, including anchor portion of 66,53,265 shares. Till yesterday, the IPO was subscribed 5.52 times.

HDFC AMC operates as a joint venture between Housing Development Finance Corporation and Standard Life Investments.

On Tuesday, HDFC AMC garnered Rs 732 crore from anchor investors. Price band for the offer, which opened for subscription on Wednesday, was set at Rs 1,095-1,100 per share.

Also read: Should You Subscribe To HDFC AMC? #AskBQ

HDFC AMC has total assets under management of over Rs 3 lakh crore as of March end.

It is the second asset management company to hit the market after Reliance Nippon Life AMC, which had raised Rs 1,542 crore last year.

Kotak Mahindra Capital Company, Axis Capital, DSP Merrill Lynch, Citigroup Global Markets India, CLSA India, HDFC Bank, ICICI Securities, IIFL Holdings, JM Financial, J P Morgan India, Morgan Stanley India Company and Nomura Financial Advisory and Securities are managing the issue.