HDFC MF IPO oversubscribed on day 1, receives bids for 19.4 million shares

The Rs 28-billion initial public offering (IPO) of HDFC Mutual Fund (MF) has garnered full subscription. The offering on Wednesday received bids for 19.4 million shares as against 18.8 million on offer. A day earlier, the country’s most profitable asset manager allotted 6.6 million shares to anchor investors.

Besides applying in anchor category, institutional investors are scrambling to buy the shares in the IPO, with the qualified institutional buyer (QIB) segment already seeing 1.2 times subscription. Even the retail portion of the IPO has seen 1.34 times subscription. Meanwhile, the high net-worth individual (HNI), employee and shareholder portions have seen