The initial public offering of Canara Robeco Asset Management Company witnessed steady investor interest on its second day of bidding. By midday, the IPO was 34% subscribed, reflecting measured participation from retail and non-institutional investors.
Market Performance
- Total bids received reached nearly 1.19 crore shares, compared with the offer size of 3.49 crore shares.
- Retail investors subscribed to 54% of their reserved portion, showing active participation from smaller investors.
- Non-Institutional Investors (NII) took up 34% of their allocated portion, while Qualified Institutional Buyers (QIBs) are yet to make significant bids.
Main News
The IPO of Canara Robeco AMC is an offer for sale (OFS) of nearly 5 crore shares, totaling Rs 1,326 crore, with no fresh issue component. This means all proceeds from the IPO will go to selling promoters, and not to the company itself.
Currently, Canara Bank holds a 51% stake, while Orix Corporation holds the remaining shares in the asset management company.
Key IPO details:
- Price Band: Rs 253–266 per share
- Bidding Period: October 9–13
- Minimum Investment: 56 shares (Rs 14,896), with multiples allowed thereafter
- Allotment Date: Likely October 14
- Listing Date: Expected on BSE and NSE on October 16
Anchor Book Highlights
Before the public issue opened, the IPO raised Rs 397.8 crore from 25 anchor investors on October 8.
- Domestic mutual funds acquired 76.73% of the portion, equivalent to 1.14 crore shares, across 18 schemes including leading asset management companies.
- Other institutional investors also participated, adding depth to the anchor book and reflecting confidence in the IPO’s positioning.
Company Details
Canara Robeco AMC focuses on equity-oriented mutual funds and expanding its reach in smaller cities. The firm’s operational model and growing brand presence are designed to capture steady market share in India’s asset management sector.
The IPO allows investors to participate in India’s growing financial services and capital markets while enabling the company’s promoters to partially exit their stake.
Summary
The Canara Robeco AMC IPO shows consistent interest, with 34% subscription on the second day. Retail investors lead participation, while institutional activity is gradually building.
Key Takeaways:
- IPO size: Rs 1,326 crore, entirely via OFS
- Price band: Rs 253–266 per share
- Total shares offered: 3.49 crore
- Retail subscription: 54% of reserved portion
- NII subscription: 34% of allocated portion
- Anchor investor contribution: Rs 397.8 crore from 25 investors
Investors tracking Canara Robeco AMC IPO, stock market today can monitor the allotment and listing dates for further updates.
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