The Hindu Business Line : ABN Amro mops up Rs 2,050 cr thru IPOs

"This is the largest ever initial public offerings of the country with the largest collection in a diversified equity fund," said Mr. Ramesh Sobti, Chief Executive Officer, ABN Amro Bank India.

The ABN Amro Liquid Fund mopped up Rs 1,123 crore during the IPO, the highest ever for an open ended fund in the country, according to Mr Nikhil Johri, Chief Operating Officer, ABN Amro Asset Management Company.

This record includes both public sector and private sector fund IPO's, he added.

The diversified equity fund crossed Rs 400 crore in inflows, said Mr Johri.

While the liquid fund would be open for ongoing subscription from Tuesday, the equity funds would take two weeks before it is opened for ongoing subscription.

Over 75 per cent of the funds mobilised were through the banking channels. This includes ABN Amro Bank and others, said Mr Johri.

Sizeable parts of the corpus have been raised in the western and northern parts of the country.

The AMC would be opening five more offices shortly, doubling its presence from the current five branches, added Mr. Johri.

The total amount raised is 20 per cent beyond our expectations.

"This is despite the fact that our targets were quite stringent," said Mr Sobti.

The funds were largely sold through third party distributors, over and above the banking channels, according to Mr Johri.