Canara Robeco AMC IPO Lists at ₹280.25, Up 5.4% from Issue Price of ₹266

Mumbai, October 16: The shares of Canara Robeco AMC made a steady debut on NSE and BSE today, on October 16. The shares listed at ₹280.25 per share, a 5.4% premium over the IPO issue price of ₹266. As of 11:40 AM, the shares are witnessing heavy demand, and are up by 18.50%, and 49.20 points, and are currently trading at ₹315.20. Until now, the shares have traded within a range of ₹318 and ₹280.25. The current traded volume stands at 3.84 crore, with the company’s market cap at ₹5,801 crore.

Canara Robeco Asset Management Company Limited is an asset management company that launches and manages mutual funds. It is a joint venture between Canara Bank, and Robeco, a global asset management firm from the Netherlands. The joint venture was established in 1993, and is headquartered in Mumbai, Maharashtra. The shares of the company listed today on NSE with the ticker symbol CRAMC and on BSE with the code 544580.

Canara Robeco Raised ₹397.84 crore From Anchor Investors

Ahead of its IPO opening, Canara Robeco AMC raised ₹397.84 crore from 25 anchor investors, allotting 1.49 crore shares at ₹266 apiece. Key investors included SBI Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mutual Fund, Nippon India Mutual Fund, Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, DSP Mutual Fund, and Mirae Asset Mutual Fund.

Canara Robeco Overall Subscription At 9.74 Times

The Canara Robeco AMC IPO was oversubscribed 9.74 times. Against 3.48 crore shares offered, the company received bids for 33.99 crore shares. The Qualified Institutional Buyers (QIBs) portion was oversubscribed 25.92 times, with foreign investors applying for over 15 crore shares and domestic institutions for over 8 crore shares. The Non-Institutional Investors (NIIs) category was subscribed 6.45 times, and the Retail Individual Investors (RIIs) portion was subscribed 1.91 times.

For the issue, SBI Capital Markets Limited, Axis Capital Limited, and JM Financial Limited were the book running lead managers while MUFG Intime India Private Limited was the registrar of the issue.

REF: https://www.nseindia.com/get-quotes/equity?symbol=CRAMC

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