Shares of HDFC Asset Management Company made a stellar debut on the bourses today, with a gain of 58 per cent against the issue price of Rs 1,100 per share. The stock got listed at Rs 1,739, registering a sharp gain of 58 per cent over the issue price on the BSE. The stock touched intraday high of Rs 1,832, up 66.5 per cent.
On the NSE, the company shares opened at Rs 1,726.25, up 56.93 per cent. It touched intraday high of Rs 1,835, up 67 per cent. The company’s market valuation stood at Rs 38,316.98 crore on BSE. In terms of equity volume, 23 lakh shares were traded on the BSE and over one crore shares changed hands on the NSE.
HDFC AMC’s Rs 2,800-crore initial public offer was open during the period from July 25-27. Price band for the offer was fixed at Rs 1,095-1,100 per share. HDFC AMC operates as a joint venture between Housing Development Finance Corporation and Standard Life Investments.
It is the second asset management company (AMC) to hit the market after Reliance Nippon Life AMC, which had raised Rs 1,542 crore last year. HDFC AMC has total assets under management of over Rs 3 lakh crore as of March-end this year.