HDFC AMC has received a massive response from investors on the very first day at the stock exchanges.
In fact, the share price of the fund house opened at Rs.1739 a piece at BSE, a hike of 58% and Rs.1726 at NSE, which is 57% more than the issue price of Rs.1100. NSE data shows that the share price of the company closed at 1815 on Monday, up 65% from its issue price. The stock surged over 67% from the issue price as its shares went up to Rs.1,844 at day’s high on NSE.
The stock witnessed trading volume of Rs.3476 crore on NSE.
The IPO that concluded last week witnessed strong demand from all the four categories of investors. In fact, the fund house received a whopping 24.25 lakh applications resulting in oversubscription of 82.88 times. The IPO of the AMC was open for subscription from July 25 to July 27. The company has received applications amounting to Rs.1.71 lakh crore from investors for the issue size of Rs.2067 crore.
With this, HDFC AMC will be the third asset management company to be listed. Reliance Nippon Life Asset Management got listed in November 2017 while Shriram AMC is the first listed AMC in India.
As on June 30, the AMC manages a total AUM of Rs.3.07 lakh crore.
