Canara Robeco IPO: A Hit with Investors, Oversubscribed by 9.74 Times
Canara Robeco Asset Management Company's IPO was oversubscribed 9.74 times, with significant interest from institutional buyers. With a valuation reaching Rs 5,300 crore, the IPO is an offer for sale without fresh issue. The company specializes in mutual funds and competes with major industry players.
- Country:
- India
The IPO of Canara Robeco Asset Management Company Ltd saw substantial interest, being oversubscribed 9.74 times by the end of Monday's bidding. Investors bid for nearly 34 crore shares against the offered 3.48 crore shares, as reported by the NSE.
Qualified Institutional Buyers (QIBs) led the demand, subscribing 25.92 times their portion, while non-institutional and retail investors subscribed 6.45 times and 1.91 times, respectively. On Wednesday, the company announced it had raised Rs 398 crore from anchor investors.
The IPO, priced between Rs 253 to Rs 266 per share, reaches a valuation near Rs 5,300 crore at the top range and consists entirely of an offer for sale. Proceeds benefit selling shareholders, namely Canara Bank and ORIX Corporation, with no funds retained by the company. Established in 1993 and teamed with Robeco in 2007, Canara Robeco is India's second-oldest asset manager, facing competition from well-known firms such as HDFC, Nippon Life, and UTI.
(With inputs from agencies.)
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