NEW DELHI: The initial public offer of HDFC Asset Management Company was absolutely subscribed on the first day of bidding itself following powerful demand from buyers.
The mutual fund company's Rs 2,800-crore public offer gained bids for 1,93,96,884 stocks towards the full factor measurement of one,88,04,290 stocks, translating into 1.03 occasions subscription, as per NSE information.
The class reserved for qualified institutional consumers (QIB) was subscribed 1.19 occasions, non institutional buyers 55 per cent and retail buyers 1.34 occasions.
Ahead of its IPO, HDFC Asset Management Company yesterday garnered Rs 732 crore from anchor buyers.
The IPO is of 2,54,57,555 stocks, including anchor portion of 66,53,265 stocks.
HDFC AMC operates is a three way partnership between Housing Development Finance Corporation (HDFC) and Standard Life Investments.
Price band for the offer, which is able to shut on Friday, has been set at Rs 1,095-1,100 per proportion.
At the upper finish of the cost band, the general public factor is expected to boost Rs 2,800 crore.
HDFC AMC has a total asset under management of over Rs three lakh crore as of March finish.
It is the second one AMC to hit the marketplace after Reliance Nippon Life AMC, which had raised Rs 1,542 crore ultimate year.
Kotak Mahindra Capital, 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 and Nomura Financial Advisory are managing the issue.
The mutual fund company's Rs 2,800-crore public offer gained bids for 1,93,96,884 stocks towards the full factor measurement of one,88,04,290 stocks, translating into 1.03 occasions subscription, as per NSE information.
The class reserved for qualified institutional consumers (QIB) was subscribed 1.19 occasions, non institutional buyers 55 per cent and retail buyers 1.34 occasions.
Ahead of its IPO, HDFC Asset Management Company yesterday garnered Rs 732 crore from anchor buyers.
The IPO is of 2,54,57,555 stocks, including anchor portion of 66,53,265 stocks.
HDFC AMC operates is a three way partnership between Housing Development Finance Corporation (HDFC) and Standard Life Investments.
Price band for the offer, which is able to shut on Friday, has been set at Rs 1,095-1,100 per proportion.
At the upper finish of the cost band, the general public factor is expected to boost Rs 2,800 crore.
HDFC AMC has a total asset under management of over Rs three lakh crore as of March finish.
It is the second one AMC to hit the marketplace after Reliance Nippon Life AMC, which had raised Rs 1,542 crore ultimate year.
Kotak Mahindra Capital, 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 and Nomura Financial Advisory are managing the issue.
HDFC AMC IPO fully subscribed on Day 1
![HDFC AMC IPO fully subscribed on Day 1]()
Reviewed by Kailash
on
July 25, 2018
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