Shares of Aditya Birla Sun Life AMC were currently trading at Rs 706.50 apiece at 10:10 IST on the BSE, at a discount of 0.77% as compared to the issue price of Rs 712 per share.
The scrip was listed at its issue price of Rs 712 per share. So far, it has hit a high of Rs 721 and a low of Rs 700 in the trading session. On the BSE, over 3.30 lakh shares of the company changed hands in the counter.
The initial public offer (IPO) of Aditya Birla Sun Life AMC received bids for 14.59 crore shares as against 2.77 crore shares on offer. The issue was subscribed 5.25 times.
The issue opened for bidding on Wednesday (29 September 2021) and it closed on Friday (1 October 2021). The price band of the IPO was fixed at Rs 695-712 per share.
The qualified institutional buyers (QIBs) category was subscribed 10.36 times. The non institutional investors category was subscribed 4.39 times. The retail individual investors (RIIs) category was subscribed 3.24 times.
The IPO comprised offer for sale of 3,88,80,000 equity shares. Offer for sale comprises sale of 28,50,880 equity shares by Aditya Birla Capital and up to 3,60,29,120 equity shares by Sun Life AMC. The company will not directly receive any proceeds from the offer, and all the offer proceeds will be received by the selling shareholders, in proportion to the offered shares sold by them.
The company expects that listing of the equity shares will enhance visibility and brand image and provide liquidity to shareholders and will also provide a public market for the equity shares in India.
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Ahead of the IPO, Aditya Birla Sun Life AMC on 28 September 2021 finalized allocation of 1,10,80,800 equity shares to anchor investors at an allocation price of Rs 712 per share, aggregating to Rs 788,95,29,600.
Aditya Birla Sun Life AMC is the fourth largest asset management companies (AMCs) in India by quarterly average asset under management (QAAUM) since September 2011 and its also the largest non-bank affiliated AMC in India since March 2018. The focus of the company is on consistent investment performance, extensive distribution network, brand, and superior customer service. The company managed total AUM of Rs 293642 crore (closing AUM) under its suite of mutual fund (excluding domestic fund of funds (FoFs)), portfolio management services, offshore and real estate offerings, and approximately 7.18 million investor folios (including domestic FoFs) end June 2021.
Its total QAAUM grew at a CAGR of 14.55% from Rs 136,503 crore end March 2016 to Rs 26,92,78 crore end March 2021 and further rose to Rs 275,454 crore end June 2021. The AUM under portfolio management services, offshore and real estate offerings was Rs 11,515 crore end June 2021. The company caters to a wide range of customers from individuals to institutions through its pan-India network and offering of customer solutions. Monthly average AUM (MAAUM) from institutional investors stands at Rs 150,304 crore and individual investors at Rs 133,353 crore end June 2021.
The AMC posted net sales of Rs 333.24 crore and net profit of Rs 154.94 crore for the quarter ended June 2021.
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