HDFC AMC stock trades flat after stellar debut on Monday
Shares of HDFC Asset Management Company Ltd, the second largest AMC in India, is currently trading down 0.09% at Rs1,813.55 from its previous closing of Rs1,815.15 on the BSE.
The scrip opened at Rs1,823 and has touched a high and low of Rs1,833 and Rs1,801.10 respectively.
On Monday, shares of HDFC Asset Management Company settled at Rs1,815.15 on BSE, a premium of 65% over the initial public offer (IPO) price of Rs1,100.
The company made a stellar debut on the stock exchanges, listing at Rs1,735/share, a premium of 57.7% over the issue price of Rs1,100 on BSE.
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.
HDFC AMC’s Rs2,800cr IPO was open from July 25 -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.
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.
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