Aditya Birla AMC shares dip after making a flat market debut1 min read . Updated: 11 Oct 2021, 10:13 AM IST
- Aditya Birla Sun Life AMC's initial public offering (IPO) had received 5.25 times subscription
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On its stock market debut, Aditya Birla Sun Life AMC shares listed almost flat at ₹715 per share on the NSE as against its IPO issue price of ₹712 apiece. The stock slipped to ₹709 minutes after listing. On BSE, Aditya Birla AMC shares were trading at ₹706 apiece.
Its initial public offer (IPO) had received 5.25 times subscription by the end of its closing day. The ₹2,768-crore initial share sale received bids for 14,59,97,120 shares against 2,77,99,200 shares on offer, according to an update on the NSE.
The initial public offer was of 38,880,000 equity shares in a price range of ₹695-712 per share. The share sale was entirely an offer for sale (OFS), wherein two promoters, Aditya Birla Capital and Sun Life (India) AMC Investments, divest their stake in the asset management firm.
The initial share sale of up to 3.88 crore equity shares comprises an offer for sale of up to 28.51 lakh equity shares by Aditya Birla Capital and up to 3.6 crore equity shares by Sun Life AMC.
Aditya Birla Sun Life AMC Ltd, the investment manager of Aditya Birla Sun Life Mutual Fund, is a joint venture between the Aditya Birla Group and Sun Life Financial Inc of Canada. Ahead of its IPO, the company said it collected ₹789 crore from anchor investors.
Asset management firms like Nippon Life India Asset Management, HDFC AMC, and UTI AMC are already listed on the stock exchanges.
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