HDFC AMC to make stock market debut tomorrow

New Delhi: HDFC Asset Management Company, which recently concluded its public offer, will make its stock market debut tomorrow. HDFC AMC’s Rs 2,800-crore initial public offer was open during July 25-27. Price band for the offer was fixed at Rs 1,095-1,100 per share.

The IPO was of 25,457,555 shares, including anchor portion of 6,653,265 shares. HDFC AMC operates as a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life Investments.

HDFC AMC has total assets under management of over Rs 3 lakh crore as of March-end. It is the second asset management company to hit the market after Reliance Nippon Life AMC, which had raised Rs 1,542 crore last year.

Kotak Mahindra Capital Company, Axis Capital, DSP Merrill Lynch, Citigroup Global Markets India, CLSA India, HDFC Bank, ICICI Securities, IIFL Holdings, JM Financial, J P Morgan India, Morgan Stanley India and Nomura Financial Advisory managed the company’s IPO.