Canara Robeco Asset Management Company (AMC) shares made a moderate stock market debut on Thursday, October 16. The shares listed at 5.4 per cent premium over IPO price of ₹266 apiece.
Canara Robeco share price listed at ₹280.25 apiece on both BSE and NSE. The market capitalistaion of Canara Robeco AMC stood at ₹5,783.11 crore.
Expectations remained modest, with the latest grey market premium (GMP) indicating potential listing gains of ₹22 per share for investors.
Ahead of the listing, Canara Robeco’s GMP was ₹22, suggesting that IPO allotment investors could anticipate gains of approximately 8 per cent on listing.
However, grey market premiums only reflect the current demand for a company’s shares in the unlisted market and can fluctuate quickly.
Canara Robeco AMC IPO details
The ₹1,326-crore IPO consisted solely of an offer for sale (OFS) of about 5 crore shares, with no new shares being issued.
Canara Robeco’s initial public offering attracted robust investor demand over its three-day bidding period, being nearly 10 times oversubscribed between October 9 and October 13. The shares were offered within a price range of ₹253-266 each.
The funds from the IPO will be received by the selling promoters, benefiting the company. At present, Canara Bank holds a 51 per cent stake in Canara Robeco, while Orix Corporation owns the remaining share in the asset management company.
(This is a developing story)
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