Aditya Birla AMC shares to list on Monday; here’s what to expect

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Shares of Aditya Birla AMC, which will list on bourses on October 11, may see a marginal gain on stock exchanges after receiving a modest response to the initial public offer (IPO) earlier this month. Market watchers believe that the scrip may list at a premium of around 4%. The initial issue received bids for nearly 14.60 crore shares against the total issue size of nearly 2.78 crore shares, according to National Stock Exchange (NSE) data. Taking the overall subscription to 5.25 times.

Abhay Doshi, founder, UnlistedArena.com, dealing in Pre-IPO and Unlisted Shares, told Money9 that the grey market premium of Aditya Birla AMC was hovering around Rs 27 on October 9 in the morning trade against the issue price of Rs 712.

“As expected, Aditya Birla Sun Life AMC got moderate response owing to the issue being priced on the higher side leaving little room for short term subscribers. The listing may not be fanciful and the IPO should list somewhere around the issue price. Although, the prospect of the industry looks very promising considering the increasing financial literacy in India. However, there are different options available in the sector too,” said Doshi.

Earlier, the Rs 2,768.26 crore IPO received bids for nearly 14.60 crore shares against the total issue size of nearly 2.78 crore shares, according to National Stock Exchange (NSE) data. Taking the overall subscription to 5.25 times.

The portion allocated for the qualified institutional buyers (QIBs) was subscribed 10.36 times. The share set aside for non-institutional investors was booked 4.39 times while those of retail individual investors (RIIs) was subscribed 3.24 times.