Reliance Nippon Life Asset Management lists at 17% premium over issue price on NSE

Shares of Reliance Nippon Life Asset Management listed on NSE today at a 17 percent premium over issue price.

The scrip listed at Rs 295.90 on NSE, a 17.42 per cent premium over its issue price of Rs 252. On the BSE too, the stock was trading 14.29 percent or 36 points higher at 288 level over the issue price.

The issue was open from October 25 to October 27.

The IPO received 81.5 times subscription.

The Rs 1,540-crore offering saw healthy demand in all three investor categories. The portion meant for qualified institutional buyers (QIBs) was oversubscribed 118.40 times, non institutional investors 209.44 times and retail investors 5.65 times, as per NSE data.

It is the first initial share sale by a major asset management company (AMC) in India though smaller rival UTI Mutual Fund's IPO plans have been in the works for a long time. Also, it is the first IPO from the Reliance Group after Reliance Power in 2008.

Other listed firms of the group included Reliance Capital, Reliance Home Finance, Reliance Communications, Reliance Naval & Engineering and Reliance Infra. RNAM's public issue comprised fresh issuance of 2.45 crore shares, besides an offer for sale of 3.67 crore shares by Reliance Capital and Nippon Life Insurance Company.

Reliance Capital and Nippon Life dilute 3 per cent stake each. The IPO size was around 10 per cent of the post issue paid-up capital of the company. JM Financial, CLSA, Nomura and Axis Capital are the global coordinators and book running lead managers for the initial share sale.