Canara Robeco AMC ahead IPO raises Rs 397 crore from over 15 anchor investors
The company has approved the issuance of 1.49 crore equity shares to eligible anchor investors at a price of Rs 266 per share, which is fixed as the upper end of the price band.
A joint venture company between Canara Bank and ORIX Corporation Europe N.V., Canara Robeco AMC Ltd. has raised Rs 397 crore from over 15 anchor investors ahead of its IPO opening for subscription. The company has approved the issuance of 1.49 crore equity shares to eligible anchor investors at a price of Rs 266 per share, which is fixed as the upper end of the price band.
The Nippon Life India Trustee Ltd., through the Nippon India Smallcap Fund, has received the lion's share of the anchor book allocation, with over 13.16 lakh shares, at an investment of Rs 39 crore. Meanwhile, the Aditya Birla Sun Life Banking and Financial Services Fund, Axis Small Cap Fund, DSP Banking Fund, and SBI PSU Fund are included in the list of large anchor allocations.
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Read Also : HURL Shines Platinum at FAME National Awards 2025Canara Robeco AMC IPO, worth Rs 1,326 crore, opens for subscription on Thursday. The price band has been fixed by the company between Rs 253 and Rs 266 per share. The retail investors can bid for one lot of 56 shares, and it will entail a minimum investment of Rs 14,896. After that, investors can bid in multiples of 56 shares.
The IPO is a complete Offer For Sale (OFS), and therefore the company will not receive any proceeds from the issue. The classified promoters, Canara Bank and OCE, will be selling shares in the IPO.
Canara Robeco AMC will have a post-issue market capitalization of Rs 5,305 crore, which is at the upper end of the price band. According to the officials, the issue will close for subscription on Monday, October 13, and the allotment of shares will take place on Tuesday, October 14, while the stock will list on the exchanges on October 16.
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