Retail investors bid the most for shares of Aditya Birla Sun Life Asset Management Co. on the second day of subscription of its initial public offering.
The IPO was subscribed 0.58 times and 1.07 times on its first and second day, respectively.
The fund house, set to become the country's fourth to list on the bourses, is selling shares at Rs 695-712 apiece, according to its red herring prospectus. The Rs 2,768.3-crore IPO is an offer-for-sale of 3.88 crore shares by promoters Aditya Birla Capital Ltd. and Sun Life (India) Asset Management Investment Inc.
The company is seeking a market valuation of Rs 20,505 crore at the upper end of the price band.
Ahead of its initial share sale, the mutual fund house raised Rs 789 crore by allotting shares to 50 anchor investors.
Subscription Details: Day 2
The IPO was subscribed 1.07 times as of 5 p.m. on Sept. 30.
Institutional investors: 0.06 times.
Non-institutional investors: 0.40 times.
Retail investors: 2.00 times.
Shareholders: 0.67 times.
Research Reports On Aditya Birla Sun Life AMC IPO:
Investment Rationale, Future Growth Strategies, Key Strengths, Risks: KRChoksey
Improving Operating Metrics; Equity Growth A Key: Centrum Broking
Largest Non-Bank Affiliated Asset Management Company: IDBI Capital
Reasonably Priced For Potentially Higher Earnings: Nirmal Bang
Watch BloombergQuint's IPO Adda With Aditya Birla Sun Life AMC's A Balasubramanian:
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
