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Exclusive | ABSL AMC IPO: Anchor investors buy shares worth Rs 800 crore at upper price band

Sources suggest that top domestic investors include HDFC Life, SBI Life, HDFC AMC, SBI AMC, ICICI Pru AMC, and amongst the foreign investors, HSBC AMC, ADIA (UAE) topped the list.

September 28, 2021 / 07:31 PM IST

Ahead of its initial public offering (IPO), Aditya Birla Sun Life Asset Management Company (ABSL) AMC's anchor book got fully subscribed at the upper band of the IPO price band of Rs 695- Rs 712/share, sources told Moneycontrol.

The three-day IPO will open on September 29 and close on October 1.

Anchor investors have bought shares worth Rs 800 crore of the total issue size of up to Rs 2,770 crore.

Sources suggest that top domestic investors include HDFC Life, SBI Life, HDFC AMC, SBI AMC, ICICI Pru AMC, and amongst the foreign investors, HSBC AMC, ADIA (UAE) topped the list.

Further, sources also indicated that demand for the IPO has been strong and the anchor book was subscribed three times.

Close

The IPO is fully an offer for sale (OFS) to sell a 13.5 percent stake in ABSL AMC. The largest seller is the Canadian JV partner Sun Life which will offer 12.5 percent of its shares out of the 49 percent stake held in the company currently. Aditya Birla Capital, which owns 51 percent, will sell a 1 percent stake.

While the IPO valuation was expected to be slightly higher, the company is expecting a listing valuation in the range of Rs 28,000 - Rs 29,000 crore, sources suggest.

ABSL AMC’s MD & CEO A Balasubramanian had earlier told Moneycontrol, “it is actually offered at a reasonable price for the investors who will come on board.”

An e-mail query sent to ABSL AMC on the IPO details did not receive any response from the company.
Nisha Poddar is an Editor-M&A, CNBC-TV18
first published: Sep 28, 2021 07:14 pm

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