Canara Robeco AMC IPO: Canara Robeco Asset Administration Firm Ltd made a powerful debut on the inventory exchanges on Wednesday, itemizing at Rs 280.25, roughly 5 per cent above its higher difficulty value of Rs 266 per share.
The IPO had earlier obtained an awesome response from buyers, being subscribed practically 10 instances on the ultimate day of bidding.
The IPO, valued at round Rs 1,326 crore, was a whole offer-for-sale (OFS), that means the corporate itself didn’t increase any recent funds.
Add Zee Enterprise as a Most popular Supply
As an alternative, the proceeds from the sale went solely to the promoting shareholders, Canara Financial institution and ORIX Company Europe N.V. (previously Robeco Groep N.V.). Canara Financial institution bought 2.59 crore shares, whereas ORIX bought 2.39 crore shares.
Canara Robeco Subscription Standing
Amongst completely different investor classes, Certified Institutional Consumers (QIBs) confirmed robust curiosity, subscribing 25.92 instances to their portion.
The non-institutional investor quota was subscribed to six.45 instances, and the retail particular person investor section obtained 1.91 instances subscription.
The IPO additionally noticed Rs 398 crore mobilised from anchor buyers, highlighting sturdy institutional confidence.
Learn Extra: ‘Artistic destruction…’ – Raamdeo Agrawal & Motilal Oswal’s massive message for buyers
Zee Enterprise Managing Editor Anil Singhvi suggested buyers on their strategy, saying “long-term buyers can maintain the inventory to learn from its development potential, whereas short-term buyers or these with decrease danger urge for food ought to contemplate inserting a cease loss beneath Rs 266 to guard beneficial properties.”
Canara Robeco Firm Profile
Canara Robeco is India’s second-oldest asset supervisor, initially floated by the state-owned Canara Financial institution in 1993 and later partnering with Robeco (now a part of ORIX) in 2007.
The corporate primarily manages mutual funds and offers funding advisory companies on Indian equities.
It operates in a aggressive market alongside listed friends corresponding to HDFC Asset Administration Firm, Nippon Life India Asset Administration, and UTI Asset Administration Firm.
