New Delhi: Shares of Canara Robeco Asset Management Company on Thursday climbed over 5 per cent in its debut trade against the issue price of RS 266.The stock made its market debut at Rs 280.25, up 5.35 per cent, from the issue price on both the BSE and NSE.The company's market valuation stood at Rs 6,056.31 crore.
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 had a price band of Rs 253 to Rs 266 per share.The IPO was a completely offer-for-sale (OFS) of 4.98 crore equity shares with no fresh issue component.
Canara Robeco's primary activities include managing mutual funds and providing investment advice on Indian equities. It is the country's second-oldest asset manager. The state-owned lender had floated the company in 1993 and partnered with Robeco, now part of Orix, in 2007.
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.
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