The initial public offering (IPO) of HDFC AMC received an overwhelming response from 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.
The IPO issue has generated huge interest among institutional investors or qualified institutional buyer (QIB) and non-institutional bidders (NIB). While the AMC saw 192 times oversubscription from QIB, NIB, which includes HNI investors, saw oversubscription of 195 times.
Similarly, the oversubscription from retail investors was 6 times. The company received 4.06 lakh applications from retail investors.
The AMC has floated close to 1.88 crore shares at a price band between Rs.1095 and Rs.1100 for the IPO. Of these shares, the company has allocated close to 78 lakh shares to retail investors.
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, the first listed AMC in India.
