Reliance Nippon Life AMC IPO subscribed nearly five times on Day 1

The initial public offering (IPO) of Reliance Nippon Life Asset Management got an overwhelming response on day one, with the issue getting subscribed nearly five times.

In terms of day one subscription,this is highest-ever said investment bankers.

The IPO received bids for 199 million shares against the total issue size of 42.8 million shares. The institutional portion of the IPO was subscribed six times, non-institutional portion got bids for 11.4 times the shares on offer, while the retail quota was subscribed 0.9 times. The IPO will close on Friday.

Interestingly, the IPO got oversubscribed 2.4 times within five minutes of opening bids for subscription. The price band for the IPO is Rs 247-252 per share. The AMC is valued at about Rs 15,000 crore at the upper end of the band.