India's first asset management company to go public, Reliance Nippon Life Asset Management Ltd. made its stock market debut at a premium of 17.4 percent at Rs 295.9 per share compared to an issue price of Rs 252 apiece. The stock fell close to 1.5 percent to Rs 289 thereafter.
The joint venture between Reliance Capital Ltd. and Japan's Nippon Life Insurance Company Ltd. sold 6.12 crore shares in the Rs 1,542 crore initial public offer. The issue received a demand of 81.5 times for shares on offer with high net-worth individuals and qualified institutional buyers' portion getting fully subscribed within the first few minutes of bidding.
The Anil Ambani-led Reliance Capital offloaded shares worth Rs 283 crore in the offer for sale while Nippon Life sold shares worth Rs 642 crore.
Reliance Nippon Life Asset Management does not have any listed peers but lags behind ICICI Prudential, HDFC and State Bank of India's asset management arm on most parameters.
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