BackReliance Nippon Life AMC IPO subscribed 81.45 times on last day
As of 7pm, the portion of shares reserved for institutional investors in the Reliance Nippon Life AMC IPO was subscribed 118.4 times, while the portions reserved for retail investors and HNIs were subscribed 5.48 times and 209.44 times
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Mumbai: The initial public offering (IPO) of Reliance Nippon Life Asset Management Ltd, India’s third largest mutual fund manager, was subscribed 81.45 times on Friday, the last day of the share sale, data from the stock exchanges showed.
As of 7pm, the portion of shares reserved for institutional investors in the Reliance Nippon Life AMC IPO was subscribed 118.4 times, while the portions reserved for retail investors and high net-worth individuals (HNIs) were subscribed 5.48 times and 209.44 times, respectively.
On the second day of the offering on Thursday, the Reliance Nippon Life AMC IPO had seen a subscription of 7.45 times. On Wednesday, CNBC-TV18 reported the IPO witnessed investments from investors like Rakesh Jhunjhunwala, Nimesh Shah and Aakash Bhansali.
Reliance Nippon Life AMC had issued its shares in a price band of Rs247-252.
The Rs1,542crore Reliance Nippon Life AMC IPO comprises a fresh issue of shares worth Rs617 crore. Promoters Reliance Capital and Nippon Life are collectively selling 36.72 million shares, which at the upper end of the price band will fetch Rs925 crore. Reliance Capital is selling shares worth Rs283 crore, while Nippon Life is offloading Rs642 crore worth of shares.
On Tuesday, Reliance Nippon Life AMC raised Rs462.67 crore by selling shares to 24 institutional investors as part of its anchor book allocation.
Institutional investors that participated in the anchor book allocation include Abu Dhabi Investment Authority, Kuwait Investment Authority, Fidelity International, Morgan Stanley, HDFC Mutual Fund, SBI Mutual Fund and insurers such as ICICI Prudential Life Insurance and Bajaj Allianz.
The month of October has so far witnessed four other IPOs.
MAS Financial Services Ltd’s Rs460 crore and Godrej Agrovet Ltd’s Rs1,157 crore IPOs were subscribed 129 times and 97 times, respectively.
General Insurance Corp. of India Ltd’s Rs11,372 crore and Indian Energy Exchange Ltd’s Rs1,000 crore IPOs witnessed subscriptions of 1.35 times and 2.27 times, respectively.
Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.
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