Aditya Birla Sun Life AMC listed
Aditya Birla Sun Life AMC made a confident market debut on Monday with the shares listed at 0.4% premium.
On NSE, the company’s AMC stock started the trade at Rs 715 as against the issue price of Rs 712, on BSE, ABSLAMC shares opened at 712Rs and there were no premium or discounts given at the issue price that justifies its confidence over the shares.
The 5-time subscription:
The initial public offer (IPO) of Aditya Birla Sun Life AMC was Rs 2,768 crore was subscribed 5.4 times on the final day of the bidding process. The IPO on entirely an offer for sale was opened on 29th September and closed on 1st October. The issue revived bids for about 14.6 crore shares against 2.8 crore shares on offer that made the subscription 5.2 times the normal. The qualified institutional buyers (QIBs) category was subscribed 10.4 times and the part received for non-institutional investors saw 4.4 times the subscription, and the retail individual investor’s category was subscribed 3.2 times than the issued price.
ABSLAMC and it other listed peer are Nippon Life India Asset Management, HDFC AMC and UTI AMC.
About the company:
Aditya Birla Sun Life Insurance is a brand with a strong legacy of Aditya Birla Group. It is a joint venture between Aditya Birla Group and Canada’s Sun Life Financial. It offers a wide range of solutions with life insurance policies that helps and meets the financial needs of people at different stages of life; it creates a different and innovative way to provide value to the customers, employees, shareholders, and community.
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