Aditya Birla Sun Life AMC Makes Subdued Stock Market Debut

Aditya Birla Sun Life AMC shares made a subdued stock market debut on Monday. Aditya Birla Sun Life AMC stock opened for trading at Rs 715 on the National Stock Exchange, marking a premium of 0.42 per cent from its issue price of Rs 712 per share. On the BSE, Aditya Birla Sun Life AMC stock opened unchanged at Rs 712 marking a lacklustre opening in the bustling IPO market.

Aditya Birla Sun Life AMC shares touched an intraday high of Rs 721 and low of Rs 700 on the BSE.

Aditya Birla Sun Life AMC shares were in high demand during the three-day share sale via IPO which ended on October 1. Aditya Birla Sun Life AMC IPO was subscribed 5.25 times.

Qualified institutional buyers (QIBs) showed good interest in the IPO as the portion reserved for them was subscribed 10.36 times and foreign institutional investors (FIIs) placed bids for 78.87 lakh shares.

Aditya Birla Sun Life AMC's Rs 2,768 crore IPO was an offer for sale (OFS) of up to 28.51 lakh shares by Aditya Birla Capital and up to 3.6 crore shares by Sun Life AMC. The company had offered shares in the price band of Rs 695-712 per share.

Kotak Mahindra Capital Company, BofA Securities, Citigroup Global Markets India, Axis Capital, HDFC Bank, ICICI Securities, IIFL Securities, JM Financial, Motilal Oswal Investment Advisors, SBI Capital Markets and YES Securities (India) are the merchant bankers to the issue.

As of 10:18 am, Aditya Birla Sun Life AMC shares traded 0.43 per cent lower at Rs 708.95.