Canara Robeco AMC Shares List at Rs 280.25, Gain Over 18% from IPO Price
DSIJ Intelligence-2Categories: IPO, Mindshare, Trending
Post listing, the stock gained momentum and rose more than 12 per cent to touch an intraday high of Rs 315 apiece, marking a total increase of over 18 per cent from the issue price.
The shares of Canara Robeco Asset Management Company made a muted debut on October 16, listing at Rs 280.25 apiece on both the NSE and BSE. The listing price represents a premium of 5.36 per cent over the IPO price of Rs 266 per share. At the time of listing, the company’s market capitalisation stood at Rs 5,589 crore.
Post listing, the stock gained momentum and rose more than 12 per cent to touch an Intraday high of Rs 315 apiece, marking a total increase of over 18 per cent from the issue price. Following this upmove, the company’s market capitalisation crossed Rs 6,072 crore.
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The Canara Robeco AMC IPO, worth Rs 1,326 crore, received strong investor interest, being subscribed nearly 10 times (974 per cent) during the public issue held from October 9 to October 13. The IPO was entirely an offer for sale (OFS) of about 5 crore shares, with no fresh issue component. Consequently, the company will not receive any proceeds from the IPO, as the funds will go to the selling promoters.
Currently, Canara Bank holds a 51 per cent stake in the asset management company, while Orix Corporation owns the remaining shares.
Disclaimer: The article is for informational purposes only and not investment advice.