Reliance Nippon Life IPO Subscribed 4.64 Times On First Day Of Bidding
Reliance Nippon Life Asset Management’s IPO was subscribed 4.57 times as of 4 pm.
Day 1 Subscription (As of 5 pm)
- Qualified institutional buyers: 6.13 times
- Non-institutional investors: 11.38 times
- Retail investors: 0.9 times
- Overall: 4.64 times
Anil Ambani-promoted Reliance Nippon Life Asset Management Ltd.’s initial public offer was subscribed 4.64 times on the first day of bidding today after the issue was fully subscribed within the first hour.
The portion of shares reserved for institutional investors in the Reliance Nippon AMC IPO saw a subscription of 6.13 times, while the portions reserved for retail investors and high net-worth individuals were subscribed 0.9 times and 11.38 times, respectively as of 5 pm, data available on stock exchanges showed.
The company raised Rs 462.67 crore from anchor investors ahead of its initial public offering.
The joint venture between Reliance Capital Ltd. and Japan's Nippon Life Insurance Company Ltd. is looking to raise Rs 1,542 crore through the IPO as it bets on a shift from investments in gold and real estate to mutual funds and insurance.
The offer comprises a fresh issuance of 2.45 crore shares, besides an offer for sale of 1.12 crore shares by Reliance Capital and 2.55 crore shares by Nippon Life Insurance Company, as per the draft prospectus filed with the Securities and Exchange Board of India.
Watch this conversation with Sundeep Sikka, ED and CEO of Reliance Nippon AMC.