Aditya Birla Sun Life AMC lists at Rs 715 per share on NSE, BFSI News, ET BFSI
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On NSE, the stock listed at a per share price of Rs 715, while on BSE it witnessed a flat listing of Rs 712. The shares were listed on the exchanges at 10 AM today.
At 10:24 AM, the share price was down nearly 1%, at Rs 707.10, on NSE.
The price band for the initial public offering was pegged between Rs 695 and Rs 712 per share.
The company’s IPO had received bids for more than 14.59 crore equity shares against IPO size of 2.77 crore equity shares, generating bids worth Rs 10,395 crore at upper price band Rs 712 per share.
However, ahead of the listing, unlisted shares were in the range of Rs 732-Rs 737 in the grey market, up 2.8-3.5 percent over the issue price of Rs 712 per share, according to reports.
The IPO of the AMC received a tepid response, subscribed 5.25 times during Sep 29-Oct 1.
The AMC is the investment manager of Aditya Birla Sun Life Mutual Fund, and is a joint venture between Aditya Birla Group and Sun Life Financial Inc of Canada. The company is one of the largest non-bank affiliated AMCs in the country.
Brokerages and analysts had recommended ‘subscribe’ on the IPO, and had maintained that financials of the company matter the most in success or failure of a public issue.
According to brokerage Anand Rathi, the AMC’s customer base, diversified distribution network, long-term record of innovation and use of technology are among the company’s key strengths.
Nippon Life India Asset Management, HDFC AMC, and UTI AMC are among the already listed asset management companies on the stock exchanges.
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