The initial public offer of Reliance Nippon life Asset Management (RNAM) was oversubscribed 81.22 times so far on the last day of bidding on Friday. The IPO to raise an estimated Rs 1,542.42 crore received bids for 3,47,95,79,988 shares against the total issue size of 4,28,40,000 shares (excluding anchor portion), according to NSE data till 1615 hrs.
Till Thursday, the IPO was oversubscribed 7.45 times. Anil Ambani-led Reliance Group's asset management arm on Tuesday raised a little over Rs 462 crore from anchor investors. The company has fixed the price band at Rs 247-252 per share.
This is the first initial share sale by a major asset management company (AMC) in India, though smaller rival UTI Mutual Fund's IPO plans have been in the works for a long time. Also, it is the first IPO from the Reliance group after Reliance Power in 2008.