- Reliance Nippon is the first mutual fund to get listed on Indian exchange
- The company is the country's third-largest AMC in terms of assets
- The Rs. 1,540-crore offering was subscribed over 80 times
The company - which would be the first mutual fund listing on Indian stock exchanges - had fixed the price band at Rs 247-252 per share. Other listed firms of the Reliance group include Reliance Capital, Reliance Home Finance, Reliance Communications, Reliance Naval and Engineering and Reliance Infra.
"We are happy with the kind of response we have got for the IPO and the listing. Going forward, we see enormous opportunities to grow our business. Our focus will be first to grow organically, because
we believe at scale and size and to grow organically is far cheaper. However, we are open to any opportunity that is available on the inorganic side," RNAM executive director and chief executive Sundeep Sikka told reporters after the listing.
The company is the country's third largest AMC or asset management company in terms of assets. 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 and advisory mandates (Rs 2,223 crore).
Most of the funds have been raised for business expansion plans, repayment of loans and to support working capital requirements. By taking the IPO route, companies will achieve the benefits of listing the equity shares on the bourses, which will enhance their brand name and provide liquidity to the existing shareholders.
Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on ndtv.com/elections. Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general elections.