Canara Robeco's IPO: Strong Start Amid Competitive Market

Canara Robeco Asset Management Company Ltd's initial public offering (IPO) began with a promising start, garnering a 23% subscription on its first day, Thursday. As per the National Stock Exchange (NSE) data, bidding reached 79,38,112 shares against a total of 3,48,98,051 shares available.

The application received a mixed response with Retail Individual Investors (RIIs) subscribing to 36% of their designated shares. Non-institutional investors accounted for 23% of their allocation. Meanwhile, Canara Robeco disclosed that it mobilized Rs 398 crore from anchor investors ahead of the IPO.

Scheduled to conclude on October 13, the IPO is entirely an Offer for Sale (OFS) involving 4.98 crore shares owned by stakeholders Canara Bank and ORIX Corporation. Both entities plan to divest 2.59 crore and 2.39 crore shares, respectively. The asset management firm aims for an upper valuation of approximately Rs 5,300 crore, positioning itself in a competitive market alongside big players such as HDFC Asset Management Company and others.

(With inputs from agencies.)