Soon after Opening the IPO issue of Reliance Nippon received overwhelming response and was subscribed fully in a minute's time. Of the HNI and institutional investors share, both received oversubscription to the tunes of 6 and 1.66 times respectively. During the time, retail investors subscribed 1.02 times.
The issue that opened today shall close on October 27 comprises of 4,28,40,000 shares with a price band of Rs 247-252 per equity share.
Just before the opening of the issue the asset management company mopped up over Rs. 462 from anchor investors.
The brokerage houses have given a 'Subscribe' rating to the issue given the healthy valuations of the company which seem fair in the light of the company's business as well as multitude of product offerings. Further, the distribution wing of the company augurs well for the largest AMC in the country.