Shares of HDFC Asset Management Company were trading at Rs 1,815.95 at 10:33 IST on BSE, a premium of 65.09% over the initial public offer price of Rs 1,100.
The stock debuted at Rs 1,739, a premium of 58.09% to the initial public offer (IPO) price. So far the stock hit a high of Rs 1,832 and low of Rs 1,730. On BSE, so far 20.07 lakh shares were traded on the counter.
The IPO of HDFC Asset Management Company (HDFC AMC) received bids for 156.19 crore shares. The IPO was subscribed 83.06 times. The issue opened for subscription on 25 July 2018 and closed on 27 July 2018. The price band for the issue was Rs 1,095 to Rs 1,100 per share.
Ahead of the opening of the IPO, the board of directors of the company at its meeting held on 24 July 2018, finalized allocation of 66.53 lakh equity shares to anchor investors at Rs 1,100 per share.
The objects of the offer were to achieve the benefits of listing the equity shares of the company on the stock exchanges. The listing of equity shares will enhance visibility and brand image and provide liquidity to existing shareholders.
The company reported net profit of Rs 721.62 crore on revenue of Rs 1759.75 crore in the year ended 31 March 2018.
HDFC Asset Management Company), a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life Investments (SLI), is an asset management company in India. The company offers a large suite of savings and investment products across asset classes, which provide income and wealth creation opportunities to its customers. It also provide portfolio management and segregated account services, including discretionary, non-discretionary and advisory services, to high net worth individuals (HNIs), family offices, domestic corporates, trusts, provident funds and domestic and global institutions.
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