Canara Robeco IPO listing: Canara Robeco Asset Management Company (AMC) shares made a moderate stock market debut on Thursday, October 16. The shares got listed at a 5.4 per cent premium over the initial public offering (IPO) price of ₹266 apiece.
Canara Robeco share price listed at ₹280.25 apiece on both BSE and NSE. The market capitalisation of Canara Robeco AMC stood at ₹5,783.11 crore post market debut.
Listing was below expectations, as the latest grey market premium (GMP) indicated potential gains of ₹22 per share for investors. Ahead of the listing, Canara Robeco’s GMP was ₹22, suggesting that IPO allotment investors could anticipate gains of approximately 8 per cent on listing.
The mainboard IPO opened for subscription on Thursday, October 9, and closed on Monday, October 13, with the allotment finalised on Tuesday, October 14.
The company raised ₹1,326.13 crore through the book-building process, which was entirely an offer for sale (OFS) of 4.99 crore equity shares, priced between ₹253 and ₹266 per share.
According to NSE data, the IPO was subscribed 9.74 times overall. The retail investor segment was subscribed 1.91 times, the Non-Institutional Investors (NII) category 6.45 times, and the Qualified Institutional Buyers (QIB) segment 25.92 times.
SBI Capital Markets Ltd. served as the book-running lead manager, while MUFG Intime India Pvt. Ltd. acted as the IPO registrar for Canara Robeco.
Canara Bank holds a 51 per cent stake in Canara Robeco, while Orix Corporation owns the remaining share in the asset management company.
HDFC Asset Management Company, Nippon Life India Asset Management, and UTI Asset Management Company are among the listed peers of the company.
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