Canara Robeco IPO subscribed 9.74 times on final day

New Delhi: The initial public offer of Canara Robeco Asset Management Company Ltd received 9.74 times subscription on the final day of bidding on Monday.

The Rs 1,326 crore IPO got bids for 33,99,83,168 shares against 3,48,98,051 shares on offer, according to details available with the NSE.

Among investors, Qualified Institutional Buyers (QIBs) portion garnered 25.92 times subscription. The quota meant for non-institutional investors got subscribed 6.45 times and Retail Individual Investors (RIIs) received 1.91 times subscription.

Canara Robeco Asset Management Company on Wednesday said it has mobilised Rs 398 crore from anchor investors.

The asset management company’s initial public offering (IPO) has a price band of Rs 253 to Rs 266 per share, giving a valuation of roughly Rs 5,300 crore at the upper end.

The IPO is a completely an offer for sale (OFS) of 4.98 crore equity shares with no fresh issue component.

Canara Robeco operates in a competitive space alongside listed players such as HDFC Asset Management Company, Nippon Life India Asset Management, and UTI Asset Management Company.