India-based HDFC Asset Management Co. Ltd. priced its IPO at 1,100 rupees per share, the upper end of its price range, raising 28.0 billion rupees from the offering, according to July 28 release.
The offering received bids for 1,561,961,661 shares, against a total issue size of 18,804,290 shares as of July 27, and was 83.06x oversubscribed on the last day of the bidding process, data from the National Stock Exchange of India showed.
The portion of shares allotted to qualified institutional buyers was 192.26x oversubscribed, while those reserved for noninstitutional investors and retail individual investors were 195.15x and 6.73x oversubscribed, respectively.
Previously, HDFC Asset Management set a price range of 1,095 rupees to 1,100 rupees per share for its IPO. The offering comprised an issuance of 25,457,555 equity new shares including an anchor portion of 6,653,265 equity shares.
Kotak Mahindra Capital Co. Ltd., Axis Capital Ltd., DSP Merrill Lynch Ltd., Citigroup Global Markets India Pvt. Ltd., CLSA India Pvt. Ltd., HDFC Bank Ltd., ICICI Securities Ltd., IIFL Holdings Ltd., JM Financial Ltd., J.P. Morgan India Pvt. Ltd., Morgan Stanley India Co. Pvt. Ltd. and Nomura Financial Advisory and Securities (India) Pvt. Ltd. are the book running lead managers.
HDFC Asset Management is a joint venture between Housing Development Finance Corp. Ltd. and U.K.-based Standard Life Aberdeen PLC unit Standard Life Investments Ltd.
As of July 27, US$1 was equivalent to 68.64 Indian rupees.