The initial public offering (IPO) of Reliance Nippon AMC received an overwhelming response from investors. In fact, the fund house received a whopping 16.5 lakh applications resulting in oversubscription of 82 times.
The IPO of the AMC was open for subscription from October 25 and close on October 27. The company has received applications amounting to Rs.1.03 lakh crore from investors for the issue size of Rs.1,542 crore.
While the AMC saw 210 times oversubscription from HNIs, retail investors’ oversubscription was 5 times. Similarly, the oversubscription from anchor investors and qualified institutional buyer (QIB) was 30 and 118 times respectively.
The company received 14.24 lakh applications from retail investors. Retail applications for newly launched IPOs such as AU Small Finance Bank, BSE, ICICI Lombard and SBI Life were 13.60 lakh, 11.95 lakh, 11.07 lakh and 10.81 lakh applications respectively.
In a note sent to Cafemutual, Himanshu Vyapak, Deputy CEO Reliance AMC said, “This is one of the largest issues of 2017. It is a proud moment for us and the MF industry. We assure that we will continue our journey of investor centricity and wealth creation.”
Reliance Nippon AMC is the first to come out with an IPO in the last 20 tears.
Shriram AMC was the first fund house to have launched its IPO though it is no longer listed.
