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4h ago

Canara Robeco AMC IPO Opens for Bids at Rs 253–266 in Rs 1,326 Crore OFS

A full offer-for-sale by Canara Bank with ORIX, the deal drew Rs 398 crore from anchor investors at the top of the price band.

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Canara Robeco AMC IPO Subscription Status, GMP Live: The company has fixed a price band of Rs 253–266 per share (Image: Canva)
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Overview

  • The public issue runs Oct 9–13, with share allotment slated for Oct 14 and a planned listing on Oct 16 on BSE and NSE.
  • Roughly 4.98–4.99 crore shares are on offer, with all proceeds going to the selling shareholders and no fresh capital raised for the AMC.
  • Promoters plan to sell up to 2.59 crore shares (Canara Bank) and 2.39 crore shares (ORIX), which will reduce Canara Bank’s stake to about 38%.
  • Anchor investors were allotted 1.49 crore shares at Rs 266 per share, raising about Rs 398 crore, according to a BSE circular.
  • Grey market quotes signal an unofficial premium of about Rs 35 per share, while brokerages broadly advise ‘subscribe’ for the long term at a valuation near 28x FY25 earnings; SBI Capital Markets, Axis Capital and JM Financial are the lead managers, with MUFG Intime as registrar.