The 4th company from the larger HDFC group, HDFC AMC will see its listing on the bourses on August 6. The public issue of HDFC AMC opened for public subscription from July 25 and July 27. Led by institutional investor class, the issue drew overwhelming response with 83 times over-subscription.
The IPO received bids for 156.19 crore equity shares against the total issue size of 1.88 crore shares that excludes anchor portion. The reserved portion of qualified institutional investors oversubscribed by 192.26 times, non-institutional investors 195.15 times and retail 6.73 times
Through the public issue, the joint venture companies of HDFC AMC, Housing Development Finance Corporation and Standard Life Investments aggregated a total of Rs 2,800.33 crore by issuing 2,54,57,555 equity shares at Rs 1,100 for a share. The joint venture companies through the public issue reduced their stake.
Seeking the promising response, experts expect the HDFC AMC issue to make a premium listing.The listing of HDFC AMC is pegged at around Rs. 1,450- 1,600 for a share with gains of Rs. 500-600 per share over the offer price of Rs. 1100.