 "L&T Finance Holdings and group to raise Rs 15,000 cr for IPO finance")
The initial public offering (IPO) of Reliance Nippon Life Asset Management got an overwhelming response on day one, with the issue getting subscribed nearly five times.
In terms of day one subscription,this is highest-ever said investment bankers.
The IPO received bids for 199 million shares against the total issue size of 42.8 million shares. The institutional portion of the IPO was subscribed six times, non-institutional portion got bids for 11.4 times the shares on offer, while the retail quota was subscribed 0.9 times. The IPO will close on Friday.
Interestingly, the IPO got oversubscribed 2.4 times within five minutes of opening
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