HDFC makes a marking debut regarding bourses
On Monday the HDFC Asset Management Company HDFC AMC made a marking debut on the bourses with the shares rising over more than 50 on its issue price...
On Monday the HDFC Asset Management Company (HDFC AMC) made a marking debut on the bourses with the shares rising over more than 50% on its issue price during the early morning trades.
On BSE, the shares were trading at ₹1,699 at 9:30 a.m. This was slightly more than 54% compared to its issue price of ₹1,100. At the current market price, the mutual fund entity's market capitalisation is pegged over ₹35,000 crore.
The initial public offer (IPO) of the asset management company, which was closed on July 27, was subscribed more than 83 times with bids worth more than ₹1.72 lakh crore was received as against the issue with the size of nearly ₹2,800 crore. The portion reserved for high net worth individuals was subscribed by more than 195 times, while retail segment stayed oversubscribed at almost 6.73 times. The segment for institutional investors was subscribed over 192 times.
HDFC AMC is the second fund house to enter the capital market after the public issue of Reliance Nippon Life Asset Management came in October 2017.