Reliance Nippon lists at Rs 295.90, 17% premium to issue price

NEW DELHI:

Reliance Nippon

Life Asset Management (RNAM) debuted today on the Indian stock market by listing at Rs 295.90 on National Stock Exchange (NSE), a 17.42 per cent premium over its issue price of Rs 252. The company which successfully concluded its Rs 1,540-crore initial public offering (IPO) last week, is the first mutual fund listing on Indian stock exchanges.

The IPO of the company was oversubscribed 81.54 times during October 25-27, with bids for 3,493 million shares, worth Rs 88,022.67 crore. The company had fixed the price band at Rs 247 -252 per share.

Anil Ambani, Chairman, Reliance Group; Anmol Ambani, ED, Reliance Capital; Sundeep Sikka, ED and CEO, Reliance Nippon Life Asset Management; Takeshi Furuichi, Vice Chairman, Nippon Life Insurance, and Kenji Hiramatsu, Japanese Ambassador were there for the listing of Reliance Nippon Life Asset Management.

Reliance Nippon is the country's third-largest AMC in terms of assets and has a 11.4 per cent market share. The company managed assets worth Rs 3.84 lakh crore across mutual funds (Rs 2.3 lakh crore), managed accounts (Rs 1.53 lakh crore) and offshore funds and advisory mandates (Rs 2,223 crore) as of August 2017.

JM Financial, CLSA, Nomura and Axis Capital were the global coordinators and book running lead managers for the initial share sale of the Nippon.

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