Reliance Nippon AMC gains 13% on debut

The Rs 1,540 crore-IPO had got a robust response, being oversubscribed a staggering 80 times

Shares of Reliance Nippon Asset Management (RNAM) gained 13 per cent during their stock market debut on Monday. The Anil Ambani group firm is the country’s first standalone mutual fund (MF) company to list through an initial public offering (IPO). Shares of the company closed at Rs 285, up Rs 33, or 13 per cent over the issue price of Rs 252 per share. In intra-day trade, the stock hit a high of Rs 299 and a low of Rs 278 on the National Stock Exchange (NSE). Shares worth Rs 1,245 crore were traded on the NSE and another Rs