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Aditya Birla Sun Life AMC debuts in stock market

Shares of Aditya Birla Sun Life AMC touched a high of Rs 721 and a low of Rs 700 on BSE.

Shares of Aditya Birla Sun Life AMC made a modest opening in the stock market on Monday. Aditya Birla Sun Life AMC stock opened for trading at Rs 715 on the National Stock Exchange, which is 0.42 per cent higher than its issue price of Rs 712 per share. On BSE, Aditya Birla Sun Life AMC stock opened unchanged at Rs 712, marking a weak start in the bustling IPO market.

Shares of Aditya Birla Sun Life AMC touched a high of Rs 721 and a low of Rs 700 on BSE.

The shares of Aditya Birla Sun Life AMC were in high demand during the three-day share sale via IPO that ended on October 1. Aditya Birla Sun Life AMC IPO was subscribed 5.25 times.

Qualified Institutional Buyers (QIBs) showed good interest in the IPO as the share reserved for them was 10.36 times and Foreign Institutional Investors (FIIs) bid for 78.87 lakh shares.

The Rs 2,768 crore IPO of Aditya Birla Sun Life AMC was an offer for sale (OFS) of up to 28.51 lakh shares by Aditya Birla Capital and 3.6 crore shares by Sun Life AMC. The company had offered shares in the price band of Rs 695-712 per share.

Kotak Mahindra Capital Company, BofA Securities, Citigroup Global Markets India, Axis Capital, HDFC Bank, ICICI Securities, IIFL Securities, JM Financial, Motilal Oswal Investment Advisors, SBI Capital Markets and Yes Securities (India) are the merchant bankers to the issue.

As of 10:18 am, shares of Aditya Birla Sun Life AMC were trading 0.43 per cent lower at Rs 708.95.

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