The ₹2,768 crore initial public offering of Aditya Birla Sun Life AMC was subscribed 58 per cent on the day one of the issue. The IPO closes for subscription on Friday (October 1). The price band of the issue has been pegged at ₹695-712. Market lot is 20 shares.
The portion reserved for retail investors received bids for 109 per cent or 1.09 times, according to data available with the stock exchanges.
While qualified institutional investors are yet to bid, the quota for non-retail investors or HNIs is subscribed by 14 per cent. Portion reserved for Aditya Birla Capital shareholders got 0.57 per cent. The IPO is entirely an offer for sale, wherein two promoters – Aditya Birla Capital and Sun Life (India) AMC Investments – will divest their stake. Of the 3.88 crore shares on offer, Aditya Birla will well up to 28.51 lakh shares and Sun Life AMC 3.6 crore shares.
Anchor investors
Ahead of the issue, the AMC on Tuesday raised ₹789 crore from anchor investors. It has decided to allot 1,10,80,800 shares to anchor investors at ₹712 apiece, valuing the aggregate transaction at ₹788.95 crore, according to a circular uploaded on the BSE website.
ICICI Prudential Mutual Fund (MF), SBI MF, SBI Life Insurance Co Ltd, Axis MF, UTI MF BNP Paribas Arbitrage, Max Life Insurance Company and HSBC Global Investment Funds are among the anchor investors.