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Last Updated : Aug 06, 2018 10:15 AM IST | Source: Moneycontrol.com

Bumper Listing: HDFC AMC stock debuts at Rs 1,738, a healthy gain of 58% to issue price

This is the fourth company from the HDFC Group listed on bourses after HDFC, HDFC Bank and HDFC Standard Life.

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Share price of HDFC Asset Management Company, the country's second-largest mutual fund house, started off trade on a stellar note on Monday. The stock listed at Rs 1,738 on the NSE, registering a healthy gain of 58 percent over issue price of Rs 1,100 per share on the NSE.

It crossed Rs 1,800 levels on the exchange and hit a day's high of Rs 1,825. At 10:04 hours IST, it was trading higher by 65.55 percent or Rs 721 at Rs 1,821.

On the BSE, the stock was trading at Rs 1,807, up by 64.27 percent or Rs 705 after hitting day's high of Rs 1,832.

This is the fourth company from the HDFC Group listed on bourses after HDFC, HDFC Bank and HDFC Standard Life.

As history suggests, HDFC's has created enormous wealth for shareholders and has been a defensive play in the market. The group is backed by big foreign and Indian institutional investors and mutual fund houses owing to its strong corporate governance and earnings performance.

That is why all HDFC Group companies trade at premium valuations and so is the case with HDFC AMC.

The joint venture fund house raised Rs 2,800.33 crore through public issue and issued 2,54,57,555 equity shares at Rs 1,100 per share. Housing Development Finance Corporation and Standard Life Investments lower their shareholding via this IPO.

The public issue was subscribed 83.06 times with overwhelming response from institutional investors during July 25-27.

 
First Published on Aug 6, 2018 09:55 am
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