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Reliance Nippon Life $237 Million IPO Subscribed 81 Times

Chennai: Gone in 60 seconds.

Reliance Nippon Life Asset Management Ltd's initial public offering (IPO) was subscribed 10.01 times on the last day of the share sale on Friday, data from stock exchanges showed. The IPO eyeing to raise an estimated Rs 1,542.42 crore received bids for 3,49,09,34,066 shares against the total issue size of 4,28,40,000 (excluding anchor portion), according to NSE data till 1945 hours.

The IPO was covered almost five times on the first day of the issue on Wednesday after receiving full subscription within five minutes of opening with bids pouring in from domestic private banks, besides foreign portfolio investors.

Retail investors, whose bid value can not exceed Rs 2 lakh per application, bid 5.27 times the shares on offer, the data showed. The retail portion was subscribed 0.9 times having received bids for 1,93,79,435 shares against an offer 2,14,20,000 shares. The non-institutional investors' category-comprising high net-worth individuals and corporate bodies-was subscribed almost 210 times. Reliance Nippon Life Asset Management, which is set to be the first fund house in the country to list on the bourses, allotted 18,360,000 shares to 24 anchor investors at the higher end of the IPO price band of Rs 252 per share. The public issue will close on October 27.

The offer will constitute 10 percent of the post-offer paid-up equity share capital of the company. Reliance Capital will sell shares worth Rs283 crore, while Nippon Life will offload shares worth Rs642 crore.



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