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Institutional investors drive HDFC AMC IPO, issue subscribed 83 times

HDFC Asset Management Company's public issue has received bids for 140.67 crore equity shares against IPO size of 1.88 crore shares (excluding anchor portion), as per data available on the NSE website.

July 28, 2018 / 10:25 AM IST
No 5 | Company name: HDFC Asset Management Company | Market Cap: Rs 61,469 crore | Price return: 101% (Image: PTI)

No 5 | Company name: HDFC Asset Management Company | Market Cap: Rs 61,469 crore | Price return: 101% (Image: PTI)

 
 
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The Rs 2,800-crore initial public offer of HDFC Asset Management Company received overwhelming response from institutional investors on the last day of bidding on Friday.

The public issue has received bids for 156.19 crore equity shares against IPO size of 1.88 crore shares (excluding anchor portion), as per data available on the NSE website.

The offer has been oversubscribed by 83.06 times at 23:15 hours IST.

The portion set aside for qualified institutional investors oversubscribed 192.26 times while the reserved portion for non-institutional investors has seen subscription of 195.15 times and retail 6.73 times.

The issue has received bids worth Rs 1.72 lakh crore against the IPO size of Rs 2,800 crore.

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The price band for the issue was fixed at Rs 1,095-1,100 per share.

HDFC Asset Management Company on Tuesday already garnered Rs 732 crore from anchor investors.

The IPO is of 2,54,57,555 equity shares, including anchor portion of 6,653,265 shares. The issue comprises an offer for sale of up to 85,92,970 equity shares by Housing Development Finance Corporation and up to 1,68,64,585 equity shares by Standard Life Investments.

HDFC AMC is the joint venture between Housing Development Finance Corporation and Standard Life Investments. It is the second AMC to hit the market after Reliance Nippon Life AMC, which had raised Rs 1,542 crore last year.

Kotak Mahindra Capital, Axis Capital, DSP Merrill Lynch, Citigroup Global Markets India, CLSA India, HDFC Bank, ICICI Securities, IIFL Holdings, JM Financial, J P Morgan India, Morgan Stanley India and Nomura Financial Advisory are book running lead managers to the issue.
Moneycontrol News
first published: Jul 27, 2018 03:42 pm

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