HDFC AMC made blockbuster debut

DAINIK NATION BUREAU

HDFC Asset Management Company made a blockbuster debut at the bourses on Monday, with its shares surging 65%, against the issue price of Rs 1,100 per share.

The stock zoomed 65% to end at Rs 1,815.15 on the BSE. Earlier in the day, the stock debuted at Rs 1,739, rising sharply by 58% from the issue price. During the day, it advanced by 67.54% to Rs 1,842.95.
On the NSE, shares of the company soared 65% to close the day at Rs 1,815.25.

In terms of equity volume, 30.77 lakh shares of the company were traded on the BSE and over one crore shares changed hands on the NSE during the day. The company’s market valuation stood at Rs 38,479.15 crore on the BSE.

HDFC AMC’s Rs 2,800-crore initial public offer opened during July 25-27. Price band for the offer was fixed at Rs 1,095-1,100 per share. The initial public offer of HDFC Asset Management Company was a big hit among investors and was subscribed 83 times.

HDFC AMC operates as a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life Investments.

It is the second asset management company (AMC) to hit the market after Reliance Nippon Life AMC, which had raised Rs 1,542 crore last year. HDFC AMC has total assets under management of over Rs 3 lakh crore as of March-end this year. — PTI

Star performer

The stock zoomed 65% to end at Rs 1,815.15 on the BSE
Earlier in the day, it debuted at Rs 1,739, rising sharply by 58% from the issue price
In terms of equity volume, 30.77 lakh shares of the company were traded on the BSE and over one crore shares changed hands on the NSE
The company’s market valuation stood at Rs 38,479.15 crore on the Bombay Stock Exchange