Reliance Nippon Life Asset Management debuted on the bourses at 17 per cent premium, listing at Rs 295.90 on the NSE and at Rs 294 on the BSE against the initial public offering price of Rs 252. Reliance Nippon shares touched a high of Rs 299 and a low of Rs 278 in its first day’s trading.
The shares of the first mutual fund company to list on bourses finally closed 12.69 per cent, up at Rs 284 on the BSE and Rs 284.50 on the NSE. Reliance Nippon’s market capitalisation at the close of trading stood Rs 17,380 crore.
The first company among the mutual fund industry to list had a better listing premium compared to the recent listing of general and life insurance companies like ICICI Lombard General Insurance, SBI Life Insurance and General Insurance Corporation of India.
Sundeep Sikka, executive director and CEO, Reliance Nippon Life Asset Management, speaking after the listing, said the mutual fund industry has further growth potential due to the low penetration of mutual funds in the country.
The money raised through the IPO will be used to open more branches for growth, promoting digital transactions and for inorganic growth opportunities.
Reliance Nippon Asset Management currently has 171 branches which it aims to raise to 500 branches in three years.
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