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8h ago

Canara Robeco AMC Lists With 5% Premium After Heavily Subscribed OFS

Strong subscription from institutions met a pure offer-for-sale that channels proceeds to existing holders.

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Canara Robeco AMC Share Price, IPO GMP, Listing Live Updates: The bank owns 51% and OCE holds 49% in the AMC. (Image: Canva)
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Overview

  • The stock opened at Rs 280.25 on both NSE and BSE versus the Rs 266 issue price, delivering a gain of about 5%.
  • The book-built IPO raised Rs 1,326.13 crore through the sale of roughly 4.98–4.99 crore shares by existing shareholders, including Canara Bank and Orix’s European unit.
  • Overall subscription reached 9.74 times, led by Qualified Institutional Buyers who bid more than 25 times their quota, with retail at 1.91 times and NIIs at 6.45 times.
  • Pre-listing grey market signals of Rs 20–22 per share pointed to 7–8% gains, and the debut was broadly in line with those indications.
  • Brokerage PL Capital began coverage with a Buy and a Rs 320 target, while anchor investors purchased about Rs 397.84 crore of shares before the public offer.