HDFC ACM IPO receives overwhelming response on last day; Oversubscribed by 83 times

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Business news author and curator at The Indian Wire.

On the last day of bidding, HDFC Asset Management Company’s (AMC’s) initial public offering (IPO) received an overwhelming response from investors, as the shares were oversubscribed by 83 times. The IPO received bids for 1,56,17,60,954 shares against the total issue of 1,88,04,290 shares.

As per the NSE website, the equity shares reserved for the qualified institutional investors (QIB’s) was oversubscribed 192.26 times, while the shares for non-institutional investors saw a subscription of 195.15 times, and retail investors subscribed 6.714 times.

The mutual fund firm’s IPO price band was 1,095 to 1,100 per share, and The IPO offering was of 2,54,57,555 equity shares, which included an anchor portion of 6,653,265 shares. The issue size also included 4.08% stake (85,92,970) equity shares from HDFC Ltd and 7.95% stake (1,68,64,585) equity shares from Standard Life Investments.

On Tuesday, HDFC AMC had accumulated 732 crore from anchor investors, which include Reliance Strategic Investments, HSBC Indian Equity Mother Fund, Camas Investments, Singapore based Goldman Sachs and Kotak Emerging Equity Scheme.

HDFC AMC is HDFC group’s second IPO offering after HDFC Standard Life’s IPO offering which was made in November 2017. The company had filed papers with the Securities and Exchange Board (SEBI) of India in March this year, asking for approval to float an IPO. This is the second mutual fund IPO to be offered in the market after Reliance Nippon Life AMC, which went public in October 2017.

HDFC AMC is the country’s second largest mutual fund house, with a total asset management of over 3 lakh crores, as of March end. ICICI Prudential AMC, which has an asset base of 3.06 lakh crores holds the first position.

Book running lead managers to the issue are Axis Capital, Citigroup Global Markets India, HDFC Bank, Morgan Stanley India, Kotak Mahindra Capital, DSP Merrill Lynch, IIFL Holdings, J P Morgan India, Nomura Financial Advisory and JM Financial.

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