Aditya Birla Sun Life AMC IPO opens for subscription today; all you need to know

Starting on Wednesday (29 September) Aditya Birla Sun Life AMC’s initial public offering (IPO) of Rs 2,768 crore has been opened for subscription. The IPO will close for subscription on 1 October. During this time, the public issue will entirely be on offer for sale, wherein the current shareholders will be selling approximately 3.9 crore shares. During the three-day initial share sale’s price, the band has been fixed at Rs 695-712 per share. Surprisingly, within the first few hours of bidding on day 1, the initial public offering has been subscribed 0.17 times with the retail portion booked 0.35 times, BSE data shows. Shares will be available for bidding in multiples of 20 in the price band of Rs 695 to 712, under the Aditya Birla Sun Life AMC IPO. Also, at the upper end of the price band, one lot will be charged Rs 14,240 for investors during bidding. Meanwhile, as per market observers, Aditya Birla AMC shares will be available at a premium rate of Rs 27 (GMP) in the grey market. For the unversed, the grey market is an unofficial platform, where trading of shares commences following the announcement of the IPO price band. Currently, Aditya Birla AMC’s IPO is completely for sale with two renowned promoters identified as Aditya Birla Capital and Sun Life (India) AMC Investments, who will divest their stake in the firm. However, the proposed sale of equity shares will function together by Aditya Birla Capital and Sun Life India and constitute up to 13.5 percent of the paid-up share capital. This leading brand aims to benefit from strong industry projections as it has a diversified product portfolio. Aditya Birla AMC also offers customized solutions to meet financial goals. As the company has a well-recognized and experienced promoter group which is Aditya Birla and Sun Life; they focus on supporting customers as well as improving SIP inflows. Along with improving its customer base, Aditya Birla Sun Life AMC IPO has a large hold on gaining market share by developing more investment offerings. They also look into strengthening relationships with distributors and improving digital platform technology. As per the financial factor, the brand has witnessed consistent improvement in AUM shares. Its overall performance has also been healthy in the market. Moreover, the brokerage firm has a positive view of the company for its long-term perspective and growth.