HDFC AMC debuts at 58 per cent premium

The country’s second largest mutual fund house, HDFC Asset Management Company (HDFC AMC) made a prolific debut on Monday as the scrip got listed at Rs 1,739 per share, a 58.09 per cent premium on BSE. The stock got listed at Rs. 1,726.25 per share, up 56.93 per cent on NSE.

The initial public offering (IPO) was open for subscription between July 25 and 27, 2018 and was subscribed 83 times receiving bids for 156.19 crore equity shares against IPO size of 1.88 crore shares.

HDFC AMC became the fourth company from the HDFC Group to get listed on the bourses. The company operates as a joint venture between Housing Development Finance Corporation (HDFC) and Standard life investments.

At 10:10 hours on Monday, HDFC AMC was trading at Rs. 1,798 per share, up Rs. 698 or 63.45 per cent over its isssue price on NSE. The stock opened at Rs. 1,726 per share and touched an intraday high of Rs. 1,835 per share on NSE.