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HDFC AMC makes a bumper debut; Lists at Rs1,739/share, a premium of 58% to issue price

HDFC AMC Ltd, the second largest AMC in India, made a stellar debut on the stock exchanges today. The company listed at Rs1,739/share, a premium of 58.1% over the issue price of Rs1,100.

HDFC AMC’s Rs2,800cr IPO was open from July 25 – July 27, 2018 and the price band for the offer was fixed at Rs1,095-1,100/share.

HDFC’s AMC arm had offered 2.54cr shares and the issue had generated huge interest among investors, with the lot being subscribed 83x.

HDFC AMC is a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life Investments. HDFC AMC is the second-biggest mutual fund manager in the country with Rs3.07lakh crore worth of assets under management in the June quarter.

The AMC’s equity-oriented AUM to total AUM at 51.3% is much higher than the industry average of 43.2%. The AMC has 209 branches and a network of over 65,000 distributors.

HDFC Asset Management Company Ltd is currently trading at Rs1,815.30 up by Rs715.3 or 65.03% from its previous closing of Rs1,100 on the BSE.

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