Shares of Reliance Nippon Life Asset Management (RNAM) today got listed at Rs 295.90 on the NSE, with a premium of 17.42 per cent over its issue price of Rs 252.
Within minutes of listing, the stock touched an early high of Rs 299, and a low of Rs 278 on the NSE.
On the BSE, the stock opened at Rs 294 then jumped to an early high of 298.70 within minutes of listing.
At 1015 hours, the stock of the company was trading at 285 on BSE and at Rs 290.35 on NSE.
The company's IPO was oversubscribed 81.54 times during October 25-27 with bids for 3,493 million shares, worth Rs 88,022.67 crore.
The Rs 1,540-crore offering saw healthy demand in all three investor categories. The portion meant for qualified institutional buyers (QIBs) was oversubscribed 118.40 times, non institutional investors 209.44 times and retail investors 5.65 times, as per NSE data.
It is the first mutual fund listing on Indian stock exchanges. The company is the country's third-largest AMC in terms of assets and has a 11.4 per cent market share.
At the end of August, Reliance Nippon AMC managed assets worth Rs 3.84 lakh crore across mutual funds (Rs 2.3 lakh crore), managed accounts (Rs 1.53 lakh crore) and offshore funds and advisory mandates (Rs 2,223 crore).
This was also the first IPO from the Reliance group after Reliance Power in 2008. Other listed firms of the Anil Ambani-led group include Reliance Capital, Reliance Home Finance, Reliance Communications, Reliance Naval and Engineering and Reliance Infra.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)