HDFC MF IPO subscribed 5.5 times on Day-2, receives bids for 103 mn shares

The initial public offering (IPO) of HDFC Mutual Fund (MF) continued to see strong investor interest with the issue getting 5.5 times subscription at the end of day two. The offering has so far received bids for 103 million shares as against 18.8 million on offer.  

The retail portion of the IPO was subscribed 3.5 times, while the shares reserved for institutional investors saw nearly six times subscription. the high-networth investors (HNIs) portion was subscribed 13 times. The employees and shareholders book too received full subscription, data provided by exchanges showed.

HDFC MF’s IPO closes on Friday. The IPO is entirely an offer for sale with parent HDFC and Standard Life Investment paring their 4.05 per cent and 7.96 per cent stake respectively in the asset manager. The price band for the IPO is Rs 1,095 to Rs 1,100 per share. At the top end, HDFC MF is valued at Rs 233 billion.