The initial public offering of Canara Robeco Asset Management Co. opened for bids on Thursday, Oct. 9.
Investors can apply for shares in the range of Rs 253 and 256 apiece. Bids can be made for a minimum of 56 equity shares of face value of Rs 10 each, requiring an investment of Rs 14,336 crore.
The final day of subscription will be Oct. 13.
Canara Robeco AMC raised nearly Rs 400 crore from large institutions in the pre-IPO anchor round on Wednesday.
The allotment of shares to IPO investors will be finalised by Oct. 14. Canara Robeco AMC will list on the BSE and NSE on Oct. 16.
Held by government-owned Canara Bank Ltd., Canara Robeco AMC IPO will be a pure offer for sale, with promoters looking to offload up to 4.98 crore shares.
Canara Bank will sell up to 2.59 crore shares, while Orix Corporation Europe will be selling another 2.39 crore shares. Since this is a pure offer for sale, no funds from the proceeds will go to the company.
Canara Robeco is a 51-49 joint venture between Canara Bank and OCE. OCE was earlier known as Robeco Groep before being acquired by Japan's Orix Corp.
Canara Bank will sell 13% stake in the company, and OCE will sell another 12% via the OFS.
SBI Capital Markets Ltd., Axis Capital Ltd., and JM Financial Ltd. are the lead managers for the deal.
Canara Robeco IPO Status
The Canara Robeco AMC IPO has been subscribed 4% as of 10:30 a.m. on Thursday.
Qualified Institutional Buyers (QIBs): Nil
Non-Institutional Investors (NIIs): 4%
Retail Individual Investors: 8%
Canara Robeco IPO Latest GMP
In the unlisted or grey market, Canara Robeco AMC IPO quoted a premium of Rs 35. With the upper price band of Rs 266, Canara Robeco IPO's estimated listing price is Rs 301, indicating a gain of 13%, as per Investorgain.com.
Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.
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