What HDFC AMC stock’s blockbuster listing says about Indian markets
The surge in HDFC AMC share price indicates a terrible shortage of quality stocks in the Indian markets
HDFC Asset Management Co. Ltd’s (HDFC AMC’s) initial public offering set the Street on fire, with listing gains as high as 65%. The mutual fund company is now valued at 12.54% of its average assets under management (AUM) in the June quarter, which puts its valuation at almost double the levels of Reliance Nippon Life Asset Management Ltd. Including Reliance’s pension AUM, its valuation falls to about 4%, which means HDFC AMC’s valuations are three times those levels.