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Aditya Birla Sun Life AMC subscribed over five times on final day

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Aditya Birla Sun Life AMC's IPO worth Rs 2,768 crore, an entirely offer for sale, opened for subscription on Wednesday, and closes on Friday.

Aditya Birla Sun Life AMC subscribed over five times on final day
Aditya Birla Sun Life AMC's initial public offer  (IPO) worth Rs 2,768 crore was subscribed 5.42 times on the final day of the bidding process. The public issue - which is entirely an offer for sale - opened for subscription on Wednesday, and closes later in the day.
According to data available with the stock exchanges, the Aditya Birla Sun Life AMC issue received bids for about 14.6 crore shares as against the issue size of 2.8 crore shares, marking a subscription of 5.2 times.
The qualified institutional buyers (QIBs) category was subscribed 10.4 times, and the portion reserved for non-institutional investors saw a 4.4 times subscription. The retail individual investors' category was subscribed 3.2 times.
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In the primary market offering, Aditya Birla Sun Life AMC shares were available for bidding in multiples of 20 in the price band of Rs 695-712. At the upper end of the band, one lot cost bidders Rs 14,240.
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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