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Last Updated : Aug 06, 2018 04:05 PM IST | Source: Moneycontrol.com

Stellar Listing: HDFC AMC shares close at Rs 1,815.15, spikes 65% on BSE

Individual who invested in the IPO of country's second-largest mutual fund house earned Rs 715.15 on each share.

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HDFC Asset Management Company made a stellar debut on Monday, which was much higher than Street expectations. The stock price closed its first session above Rs 1,800 levels against the issue price of Rs 1,100 per share.

Shares rallied 65.01 percent to close at Rs 1,815.15 on the BSE after hitting an intraday high of Rs 1,842.95 and low of Rs 1,730. The opening price was Rs 1,739.

Individual who invested in the IPO of country's second-largest mutual fund house earned Rs 715.15 on each share.

On the NSE, the stock price settled at Rs 1,815.25, up 65 percent over offer price. It touched day's high of Rs 1,844 and low of Rs 1,726.25 which was its opening price.

The bumper listing was warranted given the overwhelming response to IPO and HDFC's brand. This is the fourth company from the HDFC Group listed on bourses after HDFC, HDFC Bank and HDFC Standard Life.

The HDFC AMC, which is promoted by Housing Development Finance Corporation and Standard Life Investments, had raised Rs 2,800.33 crore through public issue of 2,54,57,555 equity shares.

The public issue was subscribed 83.06 times with overwhelming response from institutional investors during July 25-27.
First Published on Aug 6, 2018 03:59 pm
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