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Reliance Nippon AMC to be listed on NSE on November 6

The shares of Reliance Nippon Asset Management Company (AMC) will be listed on the National Stock Exchange (NSE) on Monday, November 6.

According to industry sources, the listing ceremony at NSE will be attended by Anil Ambani, Chairman-Reliance Group; Anmol Ambani, ED, Reliance Capital; Sundeep Sikka, ED and CEO, Reliance Nippon Life Asset Management Ltd, Takeshi Furuichi, Vice Chairman- Nippon Life Insurance and Kenji Hiramatsu, Ambassador of Japan to India.

The IPO had opened for subscription from October 25 to October 27, 2017 in a price band of Rs 247-Rs 252.

The IPO was oversubscribed by 81.54 times at the close of the bidding, with bids for 3,493 million shares worth Rs 88,022.67 crore. The promoters Reliance Capital and Nippon Life collectively sold 36.72 million shares.

Reliance Capital and Japan’s Nippon Life sold shares worth up to Rs 283 crore and Rs 642 crore respectively in the IPO. The IPO aimed at raising an estimated Rs 1,542.24 crore, received bids for 3,49,29,63,135 shares against the total issue size of 4,28,40,000 (excluding anchor portion).

The Rs 1,540-crore offering saw healthy demand in all three investor categories – the institutional portion of the IPO was over subscribed 118 times; high net worth individual (HNI) segment was over subscribed by 209.44 times and retail investor portion was over subscribed by five times.

Large Sovereign Wealth Fund — Abu Dhabi Investment Authority, Kuwait Investment Authority; foreign institutional investors — Fidelity International, Morgan Stanley, Eastspring Investments, Columbia Threadneedle Investments, Pictet, DE SHAW and Neuberger Berman; top mutual fund houses — HDFC MF, Birla MF, SBI MF, UTI MF, DSP Blackrock MF, IDFC MF and large private insurance companies — ICICI Prudential Life and Bajaj Allianz participated in the anchor book allocation.

At the end of August, Reliance Nippon AMC managed assets worth Rs 3.84 lakh crore across mutual funds (Rs 2.3 lakh crore), managed accounts (Rs 1.53 lakh crore) and offshore funds & advisory mandates (Rs 2,223 crore).