Shares of UTI Asset Management Company on Monday listed with a discount of over 11 per cent over its issue price of Rs 554 per share. The stock debuted at Rs 490.25, registering a decline of 11.50 per cent from the issue price on the BSE. On the NSE, shares of the company opened at Rs 500, a discount of 9.74 per cent.
The HNI (High Networth Individual) portion of the AMC was not fully subscribed (93 percent) while the QIB (Qualified Institutional Buyers) portion was subscribed 3.3 times.
As per data in the stock exchanges, the UTI AMC IPO received bids for 6.31 crore equity shares compared to the issue size of 2.73 crore shares. Price trends in the unofficial grey market had shown every indication of discount in pricing.
UTI Asset Management Company is the second-largest AMC in the country in terms of total AUM and also has the largest share of monthly average AUM amongst the top ten Indian AMCs coming from cities beyond the top 30.bseHNI (High Networth Individual)NSEQIB (Qualified Institutional Buyers)UTI Asset Management Company