Reliance Nippon Life Asset Management rises over 18 percent on market debut
Reliance Nippon Life Asset Management rises over 18 percent on market debut
Reliance Nippon Life Asset Management Ltd saw a strong market debut on Monday, with shares surging as much as 18.65 percent, in the first ever listing by a mutual fund manager in the country.
The company`s initial public offering to raise up to 15.42 billion rupees ($238.29 million) was subscribed over 81 times.
Shares in the company were trading at 285.65 rupees, up 13.35 percent by 0444 GMT in a weak Mumbai market that was down 0.23 percent.
Mutual funds have seen their assets under management surging to record highs this year helped by a bull market and shifting of physical assets to financial assets after India`s surprise scrapping of high-value banknotes late last year.
Indian companies have seen a rise in demand for IPOs and look set to surpass the record $8.65 billion raised in 2007.
($1 = 64.7100 Indian rupees)
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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