Mumbai: Shares of Reliance Nippon Life Asset Management Ltd debuted 16% higher on the bourses on Monday, after India’s third-largest mutual fund manager saw its Rs1,542 crore initial public offer (IPO) was subscribed more than 81 times last month.

The IPO of Reliance Nippon Life, India’s third largest mutual fund manager, was subscribed 81.54 times on Friday, the last day of the share sale in 27 October, data from the stock exchanges showed.

Reliance Nippon shares opened 16.66% higher on the BSE at Rs294 apiece compared to the issue price of Rs252, which was the upper end of the price band of Rs247-252 per share.

The shares closed 12.7% higher at Rs284, while benchmark 30-share Sensex index rose 0.14% to close at 33,731.19 points. Earlier in the day, the shares touched a high of Rs298.70 and a low of Rs278.

Reliance Nippon Life had a market share of 11.4% as of 30 June and its quarterly average assets under management was Rs2.23 trillion with 7.01 million investor folios.

In the Reliance Nippon Life AMC IPO, promoters Reliance Capital and Nippon Life collectively sold 36.72 million shares, which, at the upper end of the price band, fetched Rs925 crore. Reliance Capital sold shares worth Rs283 crore, while Nippon Life offloaded shares worth Rs642 crore.

The public offering also included a fresh issue of Rs617 crore. Its proceeds will be used for branch expansion, upgrading technology and advertising, among others.