HDFC AMC raised ₹2800.33 cr for 2,54,57,555 equity shares through IPO. The final offer price on Saturday was ₹1,100 per share. HDFC AMC IPO saw an overwhelming response on the last day with high demands from qualified institutional investors and non institutional investors. Retail investors subscribed at double the rate on the last day.
Given below is the day-wise subscription for the IPO.
|1st Day (25/7/2018)||2nd Day (26/7/2018)||3rd Day (27/7/2018)|
|Qualified Institutional Investors||1.18 times||5.89 times||192.26 times|
|Non Institutional Investors||55%||13.9 times||195.15 times|
|Retail Investors||1.34 times||3.5 times||6.714 times|
On Tuesday, HDFC AMC raised ₹732 cr from Anchor Investors for 66,53,265 equity shares, a day ahead of its IPO. Foreign institutional investors such as Smallcap World Fund, Abu Dhabi Investment Authority, Goldman Sachs (Singapore) participated. Domestic institutional investors included mutual funds from ICICI Prudential, Axis Mutual Fund, SBI Mutual Fund and L&T Mutual Fund participated in the Anchor Book allocation.
The price value for anchor investors was at ₹1,100 per share for anchor investors.
About HDFC AMC
HDFC AMC was approved to act as the Asset Management Company for HBFC Mutual Fund by SEBI vide its letter dated July 3, 2010. In the year 2003, Standard Life Investments was permitted to act as the co-sponsor of HDFC Mutual Fund. At present, HDFC AMC holds a 60% stake in the Mutual Fund and Standard Life Investments holds the rest.
The Red Herring Prospectus draft (RHP) was filed on 13 July and it was approved on 17 July.
Book running lead managers
Kotak Mahindra Capital Company, Axis Capital, BofA Merrill Lynch, Citigroup Global Markets India, CLSA India, HDFC Bank, ICICI securities, IIFL Holdings, JM Financial, JP Morgan India, Morgan Stanley India Company and Nomura Financial Advisory and Securities (India) are the book running lead managers for this issue.