On BSE, the shares were trading at ₹1,699 at 9:30 a.m
HDFC Asset Management Company (HDFC AMC) made a strong debut on the bourses on Monday with the shares rising more than 50% over its issue price in the early morning trades.
On BSE, the shares were trading at ₹1,699 at 9:30 a.m. This was slightly more than 54% compared to its issue price of ₹1,100.
At the current market price, the mutual fund entity’s market capitalisation is pegged over ₹35,000 crore.
The initial public offer (IPO) of the asset management company, which closed on July 27, was subscribed more than 83 times with bids worth more than ₹1.72 lakh crore received as against the issue size of nearly ₹2,800 crore.
The portion reserved for high net worth individuals was subscribed by more than 195 times, while retail segment remained oversubscribed at almost 6.73 times. The segment for institutional investors was subscribed over 192 times.
HDFC AMC is the second fund house to enter the capital market after the public issue of Reliance Nippon Life Asset Management came in October 2017.