The initial public offer of Reliance Nippon Life Asset Management (RNAM) was oversubscribed 81.49 times at the close of the bidding today.
The IPO eyeing to raise an estimated Rs 1,542.42 crore received bids for 3,49,09,34,066 shares against the total issue size of 4,28,40,000 (excluding anchor portion), according to NSE data till 1945 hours.
The portion meant for qualified institutional buyers (QIBs) was oversubscribed 118.40 times, non-institutional investors 209.44 times and retail investors 5.48 times, merchant banking sources said.
RNAM's IPO received 15.81 lakh applications, they said.
The issue raised Rs 1.03 lakh crore of interest against the issue size of Rs 1,542 crore, merchant bankers said.
Till yesterday, the IPO was oversubscribed 7.45 times.
Anil Ambani-led Reliance Group's asset management arm on Tuesday raised a little over Rs 462 crore from anchor investors.
The company has fixed the price band at Rs 247-252 per share.
This is the first initial share sale by a major asset management company (AMC) in India though smaller rival UTI Mutual Fund's IPO plans have been in the works for a long time.
Also, it is the first IPO from the Reliance group after Reliance Power in 2008. Other listed firms of the group include Reliance Capital, Reliance Home Finance, Reliance Communications, Reliance Naval and Engineering and Reliance Infra.
RNAM's public issue comprises fresh issuance of 2.45 crore shares, besides an offer for sale of 3.67 crore shares by Reliance Capital and Nippon Life Insurance Company.
JM Financial, CLSA, Nomura and Axis Capital are the global coordinators and book running lead managers for the initial share sale.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)