News Details

( 06 Nov 2017)
Reliance Nippon makes strong debut, lists at 17% premium

Reliance Nippon Life Asset Management (RNAM) made a strong debut on the Bombay Stock Exchange by listing at Rs 294, a 16.66 per cent premium against its initial public offer (IPO) price of Rs 252 per share.

Anil Ambani-led Reliance Group's asset management arm, which had got overwhelming response for its Rs 1,540 crore initial public offering that was subscribed over 7.45 times earlier this month, was listed at Rs 252 on the National Stock Exchange.

After making a strong debut, shares of company touched an intra-day highs and lows of Rs 298.70 and Rs 278.00 on the BSE. In the early trade so far, as much as 53.78 lakh shares have changed hands on the counter.

“The equity shares of Reliance Nippon Life Asset Management Ltd (Scrip Code: 540767) are listed and admitted to dealings on the Exchange in the list of 'B' Group Securities,” said the company in a filing to the Bombay Stock Exchange.

The company has fixed a price band of Rs 247-252 per share for its initial share sale offering. JM Financial, CLSA, Nomura and Axis Capital are the global coordinators and book running lead managers for the initial share sale.

Meanwhile, the broader benchmark BSE Sensex was trading at 33,819.92, up 134.36 points, or 0.40 per cent, at 14:05 hours.