Aditya Birla Solar Life AMC’s share sale through preliminary public providing (IPO) was subscribed 5.24 occasions by the tip of the ultimate day of the bidding on October 1. Aditya Birla Solar Life AMC shares acquired 14.56 crore bids for two.77 crore shares on the supply. A complete of three.36 crore bids have been acquired on the cut-off worth, knowledge from the Nationwide Inventory Change confirmed.
Aditya Birla Solar Life AMC shares have been in excessive demand among the many certified institutional consumers (QIBs) because the portion reserved for them was subscribed 4.1 occasions and overseas institutional traders (FIIs) positioned bids for 78.87 lakh shares.
Home monetary establishments comprising of banks/ monetary establishments/insurance coverage firms positioned 51.86 lakh bids for Aditya Birla Solar Life AMC shares.
Retail traders which have proven excessive demand for shares within the ongoing IPOs confirmed tepid response to Aditya Birla Solar Life AMC IPO because the portion reserved for retail traders was subscribed 1.7 occasions. Portion for non-institutional traders was subscribed 2.6 occasions and portion put aside
Aditya Birla Solar Life AMC’s raised Rs 2,768 crore through which IPO opened for bidding on September 29. The IPO was a suggestion on the market (OFS) of as much as 28.51 lakh shares by Aditya Birla Capital and as much as 3.6 crore shares by Solar Life AMC. The corporate had provided shares within the worth band of Rs 695-712 per share.
Aditya Birla Solar Life AMC is a three way partnership between the Aditya Birla Group and the Solar Life Monetary Inc of Canada. It had common belongings beneath administration of Rs 2.93 lakh crore as of the June quarter and manages 118 schemes.
Kotak Mahindra Capital Firm, BofA Securities, Citigroup International Markets India, Axis Capital, HDFC Financial institution, ICICI Securities, IIFL Securities, JM Monetary, Motilal Oswal Funding Advisors, SBI Capital Markets and YES Securities (India) are the service provider bankers to the difficulty.