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HDFC Asset Management Company made a blockbuster debut on the bourses, with its shares gaining 65 per cent, against the issue price of Rs 1,100 per share.
The stock closed higher by 65 per cent at Rs 1,815.15 on the BSE. Earlier in the day, the stock debuted at Rs 1,739, up 58 per cent over the issue price. During the day, it advanced by 67.54 per cent to Rs 1,842.95.
On NSE, the stock closed higher by 65 per cent at Rs 1,815.25. In terms of equity volume, 30.77 lakh shares of the company were traded on the BSE and over one crore shares changed hands on the NSE.
The company’s market valuation stood at Rs 38,479.15 crore on the BSE. HDFC AMC’s Rs 2,800-crore initial public offer was open during the period from July 25-27. Price band for the offer was fixed at Rs 1,095-1,100 per share.
The initial public offer of HDFC Asset Management Company was a big hit among investors and was subscribed 83 times.
HDFC AMC operates as a joint venture between Housing Development Finance Corporation and Standard Life Investments.
It is the second asset management company to hit the market after Reliance Nippon Life AMC, which had raised Rs 1,542 crore last year. HDFC AMC has total assets under management of over Rs 3 lakh crore as of March-end this year.
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