Reliance Nippon AMC to make stock market debut on Monday

New Delhi: Reliance Nippon Life Asset Management (RNAM), which successfully concluded its initial public offer last week, will make its stock market debut on Monday.

The company’s IPO was oversubscribed 81.54 times during October 25-27, data available with the NSE showed.

The Rs 1,540-crore offering saw healthy demand in all three investor categories.

The portion meant for qualified institutional buyers (QIBs) was oversubscribed 118.40 times, non institutional investors 209.44 times and retail investors 5.65 times, as per NSE data.

The IPO was oversubscribed 81.54 times at the close of the bidding, with bids for 3,493 million shares, worth Rs 88,022.67 crore.

Anil Ambani, Chairman, Reliance Group; Anmol Ambani, ED, Reliance Capital; Sundeep Sikka, ED and CEO, Reliance Nippon Life Asset Management; Takeshi Furuichi, Vice Chairman, Nippon Life Insurance, and Kenji Hiramatsu, Japanese Ambassador are expected to be there for the listing of Reliance Nippon Life Asset Management.

The company, which would be the first mutual fund listing on Indian stock exchanges, had fixed the price band at Rs 247 -252 per share.

This was also 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.

Promoters Reliance Capital and Nippon Life collectively sold 36.72 million shares.

Reliance Capital and Japan’s Nippon Life sold shares worth up to Rs 283 crore and Rs 642 crore, respectively in the IPO.

The company is the country’s third-largest AMC in terms of assets and has a 11.4 per cent market share.

At the end of August, Reliance Nippon AMC managed assets worth Rs 3.84 lakh crore across mutual funds (Rs 2.3 lakh crore), managed accounts (Rs 1.53 lakh crore) and offshore funds and advisory mandates (Rs 2,223 crore).

JM Financial, CLSA, Nomura and Axis Capital were the global coordinators and book running lead managers for the initial share sale.

PTI