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The Rs 1,542-crore initial public offering (IPO) of Reliance Nippon Life Asset Management Company (AMC) was subscribed 7.5 times on Thursday, a day before its close.
The institutional investor portion of the offering has garnered 10 times subscription, wealthy investor portion has been subscribed 16 times and retail investor category is subscribed 2.4 times. The price band for the IPO is Rs 247 to 252 per share. Promoters Nippon Life and Reliance Capital are offering their shares in the IPO worth up to Rs 643 crore and Rs 282 crore respectively. Reliance Nippon AMC will also issue fresh shares worth Rs 617 crore in the IPO. At the top end of the price band, Reliance Nippon, which manages assets worth over Rs 3.8 lakh crore, will be valued at Rs 15,420 crore.