The company proposes to utilize the net proceeds of the fresh issue towards meeting future capital requirements.
G Srinivasan said that the IPO will have 80 percent secondary issue and 20 percent primary issue.
Multiple brokerages recommend subscribing to the issue considering its business potential and the growth in assets under management (AUM) business.
SPA Research has come out with its report on Reliance Nippon Life Asset Management IPO , The research firm has recommended to “ Subscribe ” the IPO in its research report as on October 25, 2017.
Will remain a pure Indian domestic AMC and will continue playing the India story, said Sundeep Sikka, ED & CEO, Reliance Nippon Life AMC.
The Rs 1,542-crore initial public offering of Reliance Nippon Life Asset Management (formerly Reliance Capital Asset Management) has been subscribed fully soon after opening for subscription on Wednesday.
The stock did touch a high of Rs 867 and low of Rs 850 (the price in pre-opening trade) in early trade.
Reliance Nippon, with AUM exceeding Rs 3.5 lakh crore and a market share of 11.5 percent, is poised to do well on the back of high margins, strong brand value, and good returns on equity.
The company's IPO committee has finalised allocation 1,8,360,000 equity shares to 24 anchor investors at Rs 252, which is also the upper price band for the offer.
The IPO comprises sale of 9.6 crore shares by the government, besides fresh issue of 2.4 crore shares. Thus a total of 12 crore shares of the non-life insurer would be sold through the share sale offer, constituting around 14.56 per cent of the company's post issue share capital.
GIC Re's IPO was oversubscribed 1.38 times during October 11-13. The reinsurance company had fixed the price band at Rs 855-912 for its IPO.
Reliance Nippon Life Asset Management is set to open its initial public offer for subscription on October 25, with a price band of Rs 247-252 per share.
The firm has fixed a price band of Rs 247-252 per equity share.
HEM Securities has come out with its report on Reliance Nippon Life Asset Management IPO , The research firm has recommended to “ Subscribe ” the IPO in its research report as on October 23, 2017.
Mahindra Logistics is expected to raise Rs 829.36 crore at upper end of the price band.
The stock price closed at Rs 1,629.15, falling 1.3 percent on the NSE while on the BSE, it settled at Rs 1,626.45, down 1.43 percent.
It's a weak debut for IEX on Dalal Street. The stock lists at discount of over 5 percent to the issue price of Rs 1,650 per share. CNBC-TV18’s Yash Jain caught up with SN Goel, MD and CEO of the company and began by asking about the company's fund raising plans and growth targets.
Indian Energy Exchange opened sharply lower at Rs 1,500, falling 9 percent against issue of Rs 1,650 per share on Monday.
The offer comes soon after the Rs 11,370 crore IPO of GIC Re, which will be listed on October 25. It has already been oversubscribed by over 1.35 times.
Indian Energy Exchange's issue price is fixed at Rs 1,650 per share, the higher end of price band.
The stock had a whopping premium of 44 percent on the National Stock Exchange on Wednesday at Rs 660 against its issue price of Rs 459.
In an interview to CNBC-TV18, Kamlesh Gandhi, Founder & CMD of MAS Financial Services spoke about the strong listing on the bourses, the latest happenings in his company and the sector.
MAS Financial Services has opened at Rs 660 against its issue price of Rs 459.
Analysts expect the stock to list with a premium of Rs 150-200, given the strong subscription to the issue and strong financials of the company.
Post-IPO, according to Jindal, the company will be targeting at reaching 30 MT capacity by 2025 and 50 MT by 2030, both through organic and inorganic growth.