Reliance Nippon AMC lists with 17 pc premium on bourses

Shares 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.)