HDFC AMC IPO subscribed 35% in the first few hours on Day 1; expected to raise Rs 2,800 crore

HDFC is the second AMC to hit the market after Reliance Nippon Life AMC, which had raised Rs 1,542 crore last year.

|Jul 25, 2018, 13:20:35 IST

New Delhi: The initial public offer of HDFC Asset Management Company was subscribed 35 percent within the first few hours on the first day of bidding today.The mutual fund firm's Rs 2,800-crore public offer received bids for 64,90,705 shares against the total issue size of 1,88,04,290 shares, data available with the NSE till 1215 hours showed.HDFC Asset Management Company yesterday garnered Rs 732 crore from anchor investors.The IPO is of 25,457,555 shares, including anchor portion of 6,653,265 shares.HDFC AMC operates as a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life Investments.[caption id="attachment_4356781" align="alignleft" width="380"] Representational image. Reuters.[/caption]The price band for the offer, which would close on Friday, has been fixed at Rs 1,095-1,100 per share.At the upper end of the price band, the public issue is expected to raise Rs 2,800 crore.HDFC AMC has a total asset under management of over Rs 3 lakh crore as of March-end.It is the second AMC to hit the market after Reliance Nippon Life AMC, which had raised Rs 1,542 crore last year.Kotak Mahindra Capital, Axis Capital, DSP Merrill Lynch, Citigroup Global Markets India, CLSA India, HDFC Bank, ICICI Securities, IIFL Holdings, JM Financial, J P Morgan India, Morgan Stanley India and Nomura Financial Advisory are managing the issue.

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