The IPO of Reliance Nippon Life Asset
management (RNAM), having been fully subscribed on first day of the bidding
process, carried on to see investor demand, as the issue got 4.85 times
subscription by on Thursday mid-noon hours. Starting 12.30 pm, the IPO got bids
for 211,399,301 shares against the total issue size of 42,840,000 shares, as
per Exchange data.
The price band of the issue was fixed
Rs 247-252 and the minimum bid lot at 59 equity shares. The quota for all
investor divisions including retail individual investor’s was fully subscribed.
Reliance Nippon has priced its shares
in a band of Rs. 247-252 per share. The offer will close on 27 Oct. The Rs. 1,542
crore IPO consists of a fresh issue of shares worth Rs. 617 cr.
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