NewsIPOCanara Robeco AMC IPO Allotment Finalized: Strong Investor Response Ahead of October 16 ListingCanara Robeco AMC IPO Allotment Finalized: Strong Investor Response Ahead of October 16 Listing
Canara Robeco Asset Management Company's IPO has concluded with a 9.74 times overall subscription. The Rs 1,326 crore offer saw Qualified Institutional Buyers subscribe 25.92 times, Non-Institutional Investors 6.45 times, and Retail Investors 1.91 times. The issue price was set at Rs 266 per share, with a grey market premium of Rs 13-14. The company, India's second-oldest mutual fund house, manages 26 schemes across 23 cities. It reported a revenue of Rs 404 crore and profit of Rs 191 crore, both growing at over 25%. The stock is set to debut on October 16, 2023.
*this image is generated using AI for illustrative purposes only.
The initial public offering (IPO) of Canara Robeco Asset Management Company (AMC) has concluded with a robust response from investors, as the allotment process finalizes today. The Rs 1,326 crore offer for sale garnered significant interest across various investor categories, setting the stage for its stock market debut on October 16.
Subscription Details
The IPO witnessed strong demand, with an overall subscription of 9.74 times. Here's a breakdown of the subscription rates across different investor categories:
| Investor Category | Subscription Rate |
|---|---|
| Qualified Institutional Buyers | 25.92 times |
| Non-Institutional Investors | 6.45 times |
| Retail Investors | 1.91 times |
Key IPO Highlights
- Issue Size: Rs 1,326 crore
- Anchor Investment: Rs 397.8 crore raised from anchor investors
- Issue Price: Rs 266 per share
- Listing Date: October 16, 2023
- Grey Market Premium: Rs 13-14, indicating potential listing gains of about 5%
About Canara Robeco AMC
Canara Robeco Asset Management Company stands as India's second-oldest mutual fund house, with a joint promotion by Canara Bank and ORIX Corporation Europe NV. The company has established a significant presence in the Indian mutual fund industry:
- Schemes Managed: 26 mutual fund schemes
- Geographical Presence: Operations across 23 cities
Financial Performance
The company has demonstrated strong financial growth:
| Metric | Value | Growth Rate |
|---|---|---|
| Revenue | Rs 404.00 crore | 27% |
| Profit | Rs 191.00 crore | 26% |
Market Expectations
The grey market premium of Rs 13-14 suggests positive sentiment among investors, potentially indicating listing gains of approximately 5% over the issue price of Rs 266 per share.
As Canara Robeco AMC prepares for its stock market debut, investors and market watchers will be keenly observing its performance, given the company's established presence in the mutual fund industry and its recent financial growth trajectory.
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