Reliance Nippon AMC was oversubscribed by 81.54 times.
The shares of Reliance Nippon Asset Management Company
(AMC), the asset manager of Reliance Mutual Fund, will be listed on the National Stock Exchange (NSE) on Monday, November 6, news agency IANS reported. The IPO had opened for subscription from October 25 to October 27, 2017 in a price band of Rs 247-Rs 252. The IPO was oversubscribed by 81.54 times at the close of the bidding, with bids for 3,493 million shares worth Rs 88,022.67 crore. The promoters Reliance Capital and Nippon Life collectively sold 36.72 million shares.
Karvy Computershare Private Limited was the registrar to Reliance Nippon AMC IPO offer and IPO allotment status and other details can be found at Karvy Computershare's website
Reliance Capital and Japan's Nippon Life sold shares worth up to Rs 283 crore and Rs 642 crore respectively in the IPO. The IPO aimed at raising an estimated Rs 1,542.24 crore, received bids for 3,49,29,63,135 shares against the total issue size of 4,28,40,000 (excluding anchor portion).
The Rs 1,540-crore offering saw healthy demand in all three investor categories - the institutional portion of the IPO was over-subscribed 118 times; high net worth individual (HNI) segment was over-subscribed by 209.44 times and retail investor portion was over subscribed by five times.
At the end of August, Reliance Nippon AMC managed assets worth Rs 3.84 lakh crore across mutual funds (Rs 2.3 lakh crore), managed accounts (Rs 1.53 lakh crore) and offshore funds & advisory mandates (Rs 2,223 crore).
Citing sources, the news agency said the listing ceremony at NSE will be attended by Anil Ambani, Chairman-Reliance Group; Anmol Ambani, ED, Reliance Capital; Sundeep Sikka, ED and CEO, Reliance Nippon Life Asset Management Ltd, Takeshi Furuichi, Vice Chairman- Nippon Life Insurance and Kenji Hiramatsu, Ambassador of Japan to India.