Shares of Aditya Birla Sun Life Asset Management Co. ended lower on market debut, a week after the company’s initial share sale was subscribed 5.24 times.
The stock listed at Rs 715 apiece, a 0.42% premium to its IPO price of Rs 712, according to data available on the National Stock Exchange. It then hit an intraday high of Rs 722.90 and went as low as Rs 695.3. The scrip ended at Rs 698 apiece, 2.3% lower to its opening price.
The offer was the twelfth-least subscribed of the year so far, despite the option to apply for shares being extended by two hours.
The fund house became the country’s fourth to list on the bourses after its Rs 2,768.3-crore IPO.
Aditya Birla Sun Life AMC joined a flurry of IPOs in the Indian market this year. The amount of money raised in IPOs in 2021 has already surpassed the total of the past three years. Newly listed Indian stocks are beating the benchmark Nifty 50 by the most in seven years.