HDFC MF IPO subscribed 83 times; bids at Rs 1.72 trn, second highest ever

Huge demand from Institutions, HNIs with reservations subscribed 192 times and 195 times, respectively; retail portion sold seven times over

Investors scrambled to get a piece of HDFC Mutual Fund, the country’s most profitable asset manager, with its maiden offering witnessing more than 80 times demand the shares on offer. The 18.8-million share offering got bids for 1.56 billion shares worth Rs 1.72 trillion. Investment bankers said this is the second-highest demand ever seen for a domestic initial public offering (IPO) after Coal India. The state-owned miner’s Rs 155-billion mega offering in 2010 had seen bids worth Rs 2 trillion. Last year’s IPO of Avenue Supermarts had generated bids worth Rs 1.4 trillion. The D-Mart retail chain operator’s Rs 18.7-billion