Reliance Nippon Life Asset Management started off first trade at Rs 297.55 on the National Stock Exchange, a premium of 18 percent over issue price.
Reliance Nippon Life Asset Management share price started off first trade at Rs 297.55 on the National Stock Exchange, a whopping premium of 18 percent over issue price of Rs 252.
The stock touched a high of Rs 299 and low of Rs 278 in morning trade.
At 10:03 hours IST, the scrip price was at Rs 288.60 on the NSE, higher by 14.5 percent over issue price, but it was lower by 2.5 percent from its pre-opening price.
In pre-opening trade, the stock was settled at Rs 295.90.
Reliance Nippon Life Asset Management (RNAM) is the first asset management company getting listed on exchanges.
The company's Rs 1,540-crore IPO was oversubscribed 81.54 times during October 25-27.
This was also the first IPO from the Reliance group after Reliance Power in 2008. Other listed firms of the group include Reliance Capital, Reliance Home Finance, Reliance Communications, Reliance Naval and Engineering and Reliance Infra. Promoters Reliance Capital and Nippon Life collectively sold 36.72 million shares.Reliance Capital and Japan's Nippon Life sold shares worth up to Rs 283 crore and Rs 642 crore, respectively in the IPO.