Canara Robeco IPO Set to Launch with Rs 35 Grey Market Premium
Canara Robeco Asset Management Co. Ltd. is launching its IPO from October 9-13, 2023. The issue size is Rs 1,326.13 crore, offering 4.99 crore equity shares at a price band of Rs 253-266 per share. The grey market shows a premium of Rs 35, indicating a potential listing price of Rs 301 per share. The company, a joint venture between Canara Bank and Robeco, has shown strong financial performance with total income of Rs 404.00 crore and profit after tax of Rs 190.70 crore in FY 2023. Listing is scheduled for October 16 on BSE and NSE.
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Canara Robeco Asset Management Co. Ltd. is gearing up for its Initial Public Offering (IPO), set to open on October 9. The IPO has already generated significant interest in the grey market, with a premium of Rs 35, suggesting a potential listing price of Rs 301 per share, a 13.16% premium over the upper price band.
IPO Details
| Particular | Details |
|---|---|
| Issue Size | Rs 1,326.13 crore |
| Offer Type | Offer for Sale |
| Number of Shares | 4.99 crore equity shares |
| Price Band | Rs 253 - Rs 266 per share |
| IPO Date | October 9 - 13, 2023 |
| Allotment Date | October 14, 2023 (Expected) |
| Listing Date | October 16, 2023 (Scheduled) |
| Listing Exchanges | BSE and NSE |
| Minimum Investment (Retail) | Rs 14,896 for 56 shares |
About Canara Robeco
Canara Robeco Asset Management Co. Ltd. is a joint venture between Canara Bank and Robeco. The company offers a range of mutual fund solutions across equity, debt, and hybrid schemes, catering to diverse investor needs.
Financial Performance
The company has shown strong financial performance in recent years:
| Particular | FY 2023 | FY 2022 |
|---|---|---|
| Total Income | 404.00 | 318.78 |
| Profit After Tax | 190.70 | 151.00 |
All figures in Rs crore
The financial results indicate a year-on-year growth in both total income and profit after tax, showcasing the company's robust performance in the asset management sector.
Market Sentiment
The grey market premium of Rs 35 suggests positive investor sentiment towards the IPO. However, it's important to note that grey market premiums are unofficial and subject to change based on market conditions.
Investors interested in participating in the Canara Robeco IPO should conduct thorough research and consider their financial goals before making an investment decision. As always, it's advisable to read the offer document carefully and consult with financial advisors to understand the risks and potential rewards associated with this investment opportunity.
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