Aditya Birla Sun Life AMC IPO Subscription Day 1

The Rs.2,768.26 crore IPO of Aditya Birla Sun Life AMC Ltd, consisting entirely of an offer for sale (OFS) of Rs.2,768.26 crore, was partially subscribed on Day-1. As per the combined bid details put out by the BSE, Aditya Birla Sun Life AMC Ltd IPO was subscribed 0.58X overall, with bulk of the demand coming from the retail segment. The issue closes on 01st October.

As of close of 29th September, out of the 277.99 lakh shares on offer in the IPO, Aditya Birla Sun Life AMC Ltd saw bids for 159.89 lakh shares. This implies an overall subscription of 0.58X. The granular break-up of subscriptions were tilted in favour of retail investors but HNI and QIB bids typically come in only on the last day of the IPO.

Aditya Birla Sun Life AMC Ltd IPO Subscription Day-1
 

QIB Portion

On 28 September, Aditya Birla Sun Life AMC Ltd did an anchor placement of 110.81 lakh shares at the upper end of the price band of Rs.712, raising Rs.789 crore. The list of QIB investors included a number of FPI names like HSBC, IMF, ADIA, Morgan Stanley, Societe Generale etc. It included domestic institutions like ICICI Pru MF, HDFC MF, SBI MF, Axis MF, SBI Life, HDFC Life, Kotak MF, IIFL Special Opportunities Fund and Abakkus Growth Fund. 

The QIB subscription saw negligible subscription at the end of Day-1. The QIB portion (net of anchor allocation of 110.81 lakh shares as above) had a quota of 73.87 lakh shares of which it has got bids for just 0.26 lakh shares, implying a negligible subscription by QIBs at the end of Day-1. QIB bids typically get bunched on the last day, but anchor response does indicate strong interest.

HNI Portion

The HNI portion got subscribed 0.14X (getting applications for 7.54 lakh shares against the quota of 55.40 lakh shares). This is a rather tepid response on Day-1 and could be due to the large size of the IPO. Bulk of the funded applications and corporate applications, come in on the last day, so the actual picture should only get better. 

Retail Individuals

The retail portion was fully subscribed 1.09X at the end of Day-1, showing strong retail appetite. For retail investors; out of the 129.28 lakh shares on offer, valid bids were received for 140.97 lakh shares, which included bids for 109.06 lakh shares at the cut-off price. The IPO is priced in the band of (Rs.695-Rs712) and will close for subscription on 01st October.
 

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