Moneycontrol News
The Rs 1,542-crore initial public offering of Reliance Nippon Life Asset Management (formerly Reliance Capital Asset Management) has been subscribed fully soon after opening for subscription on Wednesday.
The public issue has been oversubscribed 2.05 times, receiving bids for 8.77 crore equity shares against offer size of 4.28 crore shares (excluding anchor investors’ portion), as per data available on the National Stock Exchange.
It could be the first issue to get full subscription within minutes of opening.
The reserved category of qualified institutional buyers has oversubscribed 2.63 times, non-institutional investors 5.96 times and retail 0.06 times.
Reliance Nippon Life’s public issue has opened for subscription today with a price band of Rs 247-252 per share.
The company is expected to raise Rs 1,511.64-1,542.24 crore through the issue that will close on October 27.
Anil Ambani-led Reliance Group’s asset management arm already raised a little over Rs 462.67 crore from 24 anchor investors on Tuesday, at Rs 252 per share.
Among the anchor investors are Abu Dhabi Investment Authority, Kuwait Investment Authority, Morgan Stanley, Fidelity International, Eastspring Investments, Columbia Threadneedle…