HDFC AMC shares open at INR 1,726.25, zooming 56.93 pct

It is the second asset management company (AMC) to hit the market after Reliance Nippon Life AMC, which had raised Rs 1,542 crore last year.

Shares of HDFC Asset Management Company made a stellar debut at the bourses today, surging 58 percent against the issue price of Rs 1,100 per share.

The stock listed at Rs 1,739, registering a sharp gain of 58 percent from the issue price on BSE. Later, the stock was trading at Rs 1,806.10, rising sharply by 64.19 percent.

On NSE, shares of the company opened at Rs 1,726.25, zooming 56.93 percent.

The company's market valuation stood at Rs 38,316.98 crore on BSE.

In terms of equity volume, 23 lakh shares of the company were traded on BSE and over one crore shares changed hands on NSE during morning trade.

HDFC AMC's Rs 2,800-crore initial public offer was open during July 25-27. The price band for the offer was fixed at Rs 1,095-1,100 per share.

HDFC AMC operates as a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life Investments.

It is the second asset management company (AMC) to hit the market after Reliance Nippon Life AMC, which had raised Rs 1,542 crore last year.

HDFC AMC has total assets under management of over Rs 3 lakh crore as of March-end this year.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)