HDFC AMC to debut on bourses on August 6

New Delhi: HDFC Asset Management Company, that saw overwhelming response among investors, for its initial public offer,  is set to debut on the bourses on August 6.

The initial public offer of HDFC AMC was subscribed 83 times on the last day of bidding on July 27.

The Rs 2,800-crore IPO received bids for over 156 crore shares against the total issue size of more than 1.88 crore shares, data available with the NSE till 1930 hrs showed.

The category set aside for qualified institutional buyers (QIBs) was subscribed 192.26 times, non institutional investors 195.15 times and retail investors 6.61 times, merchant banking sources said.

The public offer comprised of 2,54,57,555 shares, including anchor portion of 66,53,265 shares.

HDFC AMC operates as a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life Investments. Price band for the offer, which opened for subscription on Wednesday, was 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 Company, 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 Company and Nomura Financial Advisory and Securities are managing the issue.

With PTI Inputs