HDFC AMC IPO subscribed 42 times so far on last day of bidding

New Delhi: The initial public offer of HDFC Asset Management Company was subscribed 42.68 times so far on the last day of bidding on Friday.

The IPO, to raise Rs 2,800 crore, received bids for 80,26,20,988 shares against the total issue size of 1,88,04,290 shares, NSE data till 1415 hrs showed.

The public offer is of 25,457,555 shares, including anchor portion of 6,653,265 shares.

Till yesterday, the IPO was subscribed 5.52 times.

HDFC AMC operates as a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life Investments.

On Tuesday, HDFC AMC garnered Rs 732 crore from anchor investors.

Price band for the offer, which opened for subscription on Wednesday, has been set at Rs 1,095-1,100 per share.

HDFC AMC has total assets under management of over Rs 3 lakh crore as of March end.

It is the second asset management company to hit the market after Reliance Nippon Life AMC, which had raised Rs 1,542 crore last year.

Kotak Mahindra Capital, Axis Capital, DSP Merrill Lynch, Citigroup Global Markets India, CLSA India, HDFC Bank, ICICI Securities, IIFL Holdings, JM Financial, J P Morgan India, Morgan Stanley India and Nomura Financial Advisory are managing the issue.