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Aditya Birla Sun Life AMC IPO subscribed 5 times on last day

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The IPO of Aditya Birla Sun Life AMC was subscribed 5.24 times.

The share sale through initial public offering (IPO) of Aditya Birla Sun Life AMC was subscribed 5.24 times by the end of the last day of bidding on October 1. Shares of Aditya Birla Sun Life AMC received 14.56 crore bids for 2.77 crore shares on offer. National Stock Exchange data shows that a total of 3.36 crore bids were received at the cut-off price.

There was high demand for shares of Aditya Birla Sun Life AMC among qualified institutional buyers (QIBs) as the share reserved for them was raised to 4.1 times and foreign institutional investors (FIIs) bid for 78.87 lakh shares.

Domestic financial institutions consisting of banks/financial institutions/insurance companies placed 51.86 lakh bids for Aditya Birla Sun Life AMC shares.

Retail investors, who have shown high demand for shares in the current IPO, showed a weak response to Aditya Birla Sun Life AMC IPO as the portion reserved for retail investors was subscribed 1.7 times. Portion subscribed 2.6 times for non-institutional investors and set aside

Aditya Birla Sun Life AMC raised Rs 2,768 crore through which the IPO opened for bidding on September 29. The IPO was an offer for sale (OFS) of 28.51 lakh shares by Aditya Birla Capital and 3.6 crore shares by Sun Life AMC. The company had offered shares in the price band of Rs 695-712 per share.

Aditya Birla Sun Life AMC is a joint venture between the Aditya Birla Group and Sun Life Financial Inc. of Canada. It had an average asset under management of Rs 2.93 lakh crore as of the June quarter and manages 118 schemes.

Kotak Mahindra Capital Company, BofA Securities, Citigroup Global Markets India, Axis Capital, HDFC Bank, ICICI Securities, IIFL Securities, JM Financial, Motilal Oswal Investment Advisors, SBI Capital Markets and Yes Securities (India) are the merchant bankers to the issue.

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