Canara Robeco's IPO: A Stakeholders' Sale
Canara Robeco Asset Management Company's IPO, primarily an offer for sale, is partially subscribed on the second day of bidding. This IPO involves a complete divestment by stakeholders, Canara Bank and ORIX Corporation Europe N.V., with a valuation reaching approximately Rs 5,300 crore at its peak.
- Country:
- India
The initial public offer of Canara Robeco Asset Management Company has garnered a 34% subscription as of the second day. Data from the NSE shows bids for 1,18,54,080 against the 3,48,98,051 shares available. The retail investors' segment stands at 54% subscription, while non-institutional investors accounted for 34%.
On Wednesday, Canara Robeco announced raising Rs 398 crore from anchor investors. The Rs 1,326 crore IPO is entirely an offer for sale of 4.98 crore shares, closing on October 13, with a share price band of Rs 253 to Rs 266, giving a potential valuation of around Rs 5,300 crore.
The offer involves the disinvestment of shares by promoters Canara Bank and ORIX Corporation Europe N.V., offloading 2.59 crore and 2.39 crore shares, respectively, without any fresh issue. The proceeds will benefit the selling shareholders as the company will not receive funds from this public issue.
(With inputs from agencies.)
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