Canara Robeco AMC shares surge nearly 13 pc in debut trade

New Delhi, Oct 16 (PTI) Shares of Canara Robeco Asset Management Company on Thursday ended nearly 13 per cent higher in its debut trade against the issue price of RS 266.

The stock made its market debut at Rs 280.25, up 5.35 per cent from the issue price on the BSE and NSE.

During the day, it jumped 19.54 per cent to Rs 318 on the BSE. The stock finally ended at Rs 300.25, up 12.87 per cent.

At the NSE, shares of the firm ended at Rs 300.45, up 12.95 per cent.

The company's market valuation stood at Rs 5,987.51 crore.

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 had a price band of Rs 253 to Rs 266 per share.

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

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 and partnered 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 BAL BAL