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The initial public offering of HDFC Asset Management Company was subscribed 83.05 times on Friday, the last day of bidding.
The IPO to raise ₹2,800 crore received bids for 156.16 crore shares against the total issue size of 1.88 crore shares, according to NSE data. The price band for the issue was fixed at ₹1,095-1,100 a share.
The portion set aside for qualified institutional investors was oversubscribed 118 times, while the portion reserved for non-institutional investors received bids for 94 times, and the retail portion got 5.28 times. HDFC AMC operates as a joint venture between Housing Development Finance Corporation and Standard Life Investments.
The issue comprises an offer-for-sale of up to 85.93 lakh shares by HDFC and up to 1.69 crore shares by Standard Life Investments.
On Tuesday, HDFC AMC garnered ₹732 crore from anchor investors.
HDFC AMC’s total assets under management as of March end stood at over ₹3 lakh crore.
It is the second asset management company to hit the market after Reliance Nippon Life AMC, which had raised ₹1,542 crore last year.
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