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Reliance Nippon Life Asset Management on Tuesday raised ₹462.67 crore from anchor investors. The initial public offering of Reliance Nippon Life Asset Management will open for the public on Wednesday with a price band of ₹247-252 per share.
Reliance Nippon Life allotted 1.836 crore shares to 24 anchor investors at ₹252 a share.
Among the anchor investors are Abu Dhabi Investment Authority, Kuwait Investment Authority, Fidelity International, Morgan Stanley, Eastspring Investments, Columbia Threadneedle Investments, Pictet, HDFC MF, Birla MF, SBI MF, UTI MF, DSP BlackRock MF, IDFC MF, ICICI Prudential Life and Bajaj Allianz.
The anchor book received overwhelming response with subscription of over 30 times.
The issue closes on October 27.
The IPO consists of fresh issue of up to 2.448 crore shares and offer-for-sale of up to 3.672 crore equity shares by the promoters — Reliance Capital and Nippon Life Insurance Company.
The minimum bid lot is 59 equity shares.
The net proceeds would be used for setting up new branches and relocating certain existing branches, upgrading IT systems, advertising, marketing and brand building activities and lending to subsidiary (Reliance AIF) for investment as continuing interest in the new AIF schemes managed by Reliance AIF.
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