HDFC Asset Management Company's initial public offer was subscribed 5.52 times on the second day of the three-day bidding today.
The Rs 2,800-crore public offer received bids for 10,38,77,982 shares against the total issue size of 1,88,04,290 shares, according to data available with the NSE.
The category reserved for qualified institutional buyers (QIBs) was subscribed 5.89 times, non-institutional investors 13.91 times and retail investors 3.50 times.
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.
Ahead of its IPO, HDFC AMC on Tuesday garnered Rs 732 crore from anchor investors.
Price band for the offer, which would close tomorrow, has been set 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 total assets under management of over Rs 3 lakh crore as of March end.
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.
Kotak Mahindra Capital, Axis Capital, DSP Merrill Lynch, Citigroup Global Markets, 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.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)