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HDFC AMC public float subscribed 83 times

Our Bureau Chennai | Updated on July 27, 2018 Published on July 27, 2018

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.

Published on July 27, 2018
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