UTI AMC shares make tepid debut; drop 14 pc at close

Shares of UTI Asset Management Company on Monday tumbled 14 per cent in debut trade over its issue price of Rs 554 per unit. The stock had debuted at Rs 490.25, registering a decline of 11.50 per cent from the issue price in early trade.

Shares of UTI Asset Management Company on Monday tumbled 14 per cent in debut trade over its issue price of Rs 554 per unit. It closed at Rs 476.60, lower by 13.97 per cent on BSE. The stock had debuted at Rs 490.25, registering a decline of 11.50 per cent from the issue price in early trade. During the day, it tanked 14.96 per cent to Rs 471.10. On NSE, shares of the company had opened at Rs 500, a discount of 9.74 per cent. It later tanked 13 per cent to close at Rs 481.50. The company's market valuation was Rs 6,042.68 crore on the BSE.

In volume terms, 13.69 lakh shares were traded at BSE and over one crore shares on NSE. The Rs 2,160-crore initial public offer (IPO) of the company was subscribed 2.31 times. Price range for IPO was Rs 552-554 per share. This is the third asset management company (AMC) to get listed on the stock exchanges after Nippon Life India Asset Management and HDFC AMC.

Kotak Mahindra Capital Company, Axis Capital, Citigroup Global Markets India, DSP Merrill Lynch, ICICI Securities, JM Financial and SBI Capital Markets were the managers to the offer..