Shares of UTI Asset Management Company were trading at Rs 524 at 10:17 IST on the BSE, a discount of 5.42% over the initial public offer price of Rs 554.The stock was listed at Rs 490.25, a discount of 11.51% to the initial public offer (IPO) price. So far the stock hit a high of Rs 528.9 and low of 490.25. On the BSE, 3.58 lakh shares were traded on the counter so far.
The IPO of UTI Asset Management Company (UTI AMC) received bids for 6.31 crore shares as against 2.73 crore shares on offer. The issue was subscribed 2.31 times.
The qualified institutional buyers (QIBs) category was subscribed 3.34 times. The retail individual investors (RIIs) category was subscribed 2.32 times. The non-institutional investors category was subscribed 0.93 times.
The issue opened for bidding on Tuesday, 29 September 2020 and closed on Thursday, 1 October 2020. The price band for the IPO was set at Rs 552-554 per share.
The IPO comprised offer for sale of 3.89 crore equity shares (including anchor portion of 1.16 crore equity shares). Three sponsors SBI, LIC and BOB sold 8.25% stake each in the company, while another sponsor PNB and major shareholder TRP offloaded 3% stake each for sale. Proceeds from the offer for sale were not received by the company.
Ahead of the IPO, the company raised over Rs 644.64 crore from anchor investors on Monday, 28 September 2020. The company allotted 1.16 crore shares at Rs 554 each to a total of 67 anchor investors.
On a consolidated basis, UTI AMC recorded revenues of Rs 261.79 crore and profit after tax of Rs 100.55 crore in the quarter ended on 30 June 2020.
UTI AMC is the second largest asset management company in India in terms of Total AUM (mutual fund, PMS and NPS) and the eighth largest asset management company in India in terms of mutual fund QAAUM end June 2020. The company also has the largest share of monthly average AUM attributable to B30 cities of the top ten Indian asset management companies by QAAUM end June 2020.
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