Canara Robeco AMC IPO receives 9.74 times subscription on final day

New Delhi, Oct 13 (PTI) The initial public offer of Canara Robeco Asset Management Company Ltd received 9.74 times subscription on the final day of bidding on Monday.

The Rs 1,326 crore IPO got bids for 33,99,83,168 shares against 3,48,98,051 shares on offer, according to details available with the NSE.

Among investors, Qualified Institutional Buyers (QIBs) portion garnered 25.92 times subscription. The quota meant for non-institutional investors got subscribed 6.45 times and Retail Individual Investors (RIIs) received 1.91 times subscription.

Canara Robeco Asset Management Company on Wednesday said it has mobilised Rs 398 crore from anchor investors.

The asset management company's initial public offering (IPO) has a price band of Rs 253 to Rs 266 per share, giving a valuation of roughly Rs 5,300 crore at the upper end.

The IPO is a completely an offer for sale (OFS) of 4.98 crore equity shares with no fresh issue component.

Under the OFS, promoters Canara Bank and ORIX Corporation Europe N.V. (previously known as Robeco Groep N.V.) offloaded 2.59 crore shares and 2.39 crore shares, respectively.

Since the IPO is entirely an OFS, the company will not receive any funds from the public issue, and the proceeds will go to the selling shareholders.

Canara Robeco's primary activities include managing mutual funds and providing investment advice on Indian equities. It is the country's second-oldest asset manager. The state-owned lender had floated the company in 1993, partnering with Robeco, now part of Orix, in 2007.

Canara Robeco operates in a competitive space alongside listed players such as HDFC Asset Management Company, Nippon Life India Asset Management, and UTI Asset Management Company. PTI SUM SUM MR