IPO Update: HDFC AMC subscribed 61 per cent

The most awaited IPO of this month, HDFC Asset Management Company Limited was subscribed 61 per cent on the first day of its opening at 14:45 hours. The anchor portion of the IPO was picked up by 35 Anchor Investors at Rs. 1,100 per share. 

Twelve mutual funds subscribed to the IPO under the Anchor portion which consisted of 66,53,265 equity shares. The Initial Public Offering (IPO) is for 25,457,555 equity shares, of which 1,88,04,290 share are available through the book building process.

The price band of the IPO is fixed at Rs. 1,095 to Rs. 1,100 per equity share of face value Rs. 5 each. The bid lot size for the issue is 13 equity shares. The IPO is open for subscription until July 27.

HDFC AMC is India's second largest mutual fund house. The company is a JV between HDFC Limited and Standard Life Investments.

At 14:45 hours, the issue was subscribed 0.61 times. The cumulative bid received for the IPO were 1,14,27,637, of which a total of 76,67,192 bids were received at cut-off price. At this rate of subscription, it is very likely that the issue might be oversubscribed at the close of Day 1.