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Equity mutual funds see Rs 22,583-cr inflow in July supported by heavyweight NFOsShares of Reliance Nippon Life Asset
Management (RNAM) today got listed at Rs 295.90 on the NSE,
with a premium of 17.42 per cent over its issue price of Rs
252.
Within minutes of listing, the stock touched an early
high of Rs 299, and a low of Rs 278 on the NSE.
On the BSE, the stock opened at Rs 294 then jumped to an
early high of 298.70 within minutes of listing.
At 1015 hours, the stock of the company was trading at
285 on BSE and at Rs 290.35 on NSE.
The company's IPO was oversubscribed 81.54 times during
October 25-27 with bids for 3,493 million shares, worth Rs
88,022.67 crore.
The Rs 1,540-crore offering saw healthy demand in all
three investor categories. The portion meant for qualified
institutional buyers (QIBs) was oversubscribed 118.40 times,
non institutional investors 209.44 times and retail investors
5.65 times, as per NSE data.
It is the first mutual fund listing on Indian stock
exchanges. The company is the country's third-largest AMC in
terms of assets and has a 11.4 per cent market share.
At the end of August, Reliance Nippon AMC managed assets
worth Rs 3.84 lakh crore across mutual funds (Rs 2.3 lakh
crore), managed accounts (Rs 1.53 lakh crore) and offshore
funds and advisory mandates (Rs 2,223 crore).
This was also the first IPO from the Reliance group after
Reliance Power in 2008. Other listed firms of the Anil
Ambani-led group include Reliance Capital, Reliance Home
Finance, Reliance Communications, Reliance Naval and
Engineering and Reliance Infra.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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