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The three-day initial public offering (IPO) of Aditya Birla Sun Life AMC will open for subscription from 9 am today. The company had announced last week in a virtual press conference that the IPO would be open for three days i.e. till October 1. The company has fixed a price band of Rs 695-712 per share for an initial share sale of over Rs 2,768 crore.
Aditya Birla Sun Life AMC said on the previous day that it has deposited Rs 789 crore from anchor investors ahead of its initial share sale. It is an offer for sale, in which two promoters—Aditya Birla Capital and Sun Life (India) AMC Investments—will sell their stake in the asset management firm.
shares will be auctioned
Under the IPO, up to 3 crore 88 lakh 80 thousand equity shares are to be bid. According to the information, Aditya Birla Capital will sell 28 lakh 50 thousand 880 shares in it. At the same time, Sun Life India will sell 3 crore 60 lakh 29 thousand 120 shares of its stake in Aditya Birla.
Bidding can be done in lots of 20 shares in the IPO. 14 thousand 240 rupees can be invested in a lot. At the same time, retail investors will be able to place bids for a maximum of 20 lots.
allotment
The company said, the allotment of shares will take place on October 6. At the same time, investors who will not be able to get the shares, they will get their money back on 7 October. The shares will be credited in the demat account of successful investors by October 8.
What do experts say
Shares of Aditya Birla Sun Life MC are trading in gray market at a price of 757-772. They are trading at a premium of 6.3 to 8.4 percent over the issue price of the IPO. However, market experts say that its GMP completely depends on how its issue is subscribed. According to experts, this is 100% offer for sale, due to which the subscription may be affected.
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