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This article is more than 2 month old.

Aditya Birla Sun Life AMC IPO fully subscribed on Day 2

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Aditya Birla Sun Life AMC's IPO was subscribed 56 percent on September 29, the first day of the bidding process.

Aditya Birla Sun Life AMC IPO fully subscribed on Day 2
Aditya Birla Sun Life AMC's initial public offer  (IPO) worth Rs 2,768 crore was subscribed 72 percent so far on Thursday - the second day of bidding. The public issue - which is entirely an offer for sale - opened for subscription on Wednesday, and will close on Friday, October 1.
At the end of the day, the Aditya Birla Sun Life AMC issue received bids for about 2.9 crore shares as against the total 2.8 crore shares on offer, marking a subscription of 1.1 times.
The qualified institutional buyers (QIBs) category was subscribed six percent, and the portion reserved for non-institutional investors saw 40 percent subscription. The retail individual investors category was subscribed two times.
On Wednesday, the first day of the bidding process, the IPO saw a subscription of 56 percent.
In the primary market offering, Aditya Birla Sun Life AMC shares are available for bidding in multiples of 20 in the price band of Rs 695-712. At the upper end of the band, one lot will cost bidders Rs 14,240.
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The proposed sale of equity shares by Aditya Birla Capital and Sun Life India in the IPO will together constitute up to 13.5 per cent of the paid-up share capital of Aditya Birla Sun Life AMC.
On Tuesday, Aditya Birla Sun Life AMC said it had collected Rs 789 crore from anchor investors.
Aditya Birla Sun Life AMC, the investment manager of Aditya Birla Sun Life Mutual Fund, is a joint venture between Aditya Birla Group and Canada's Sun Life Financial. Its listed peers are Nippon Life India Asset Management, HDFC AMC and UTI AMC.
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