UTI AMC IPO subscribed 79 pc on day 2

UTI Asset Management Company's initial public offer was subscribed 79 per cent on the second day of bidding on Wednesday. UTI AMC initial public offer is of up to 3,89,87,081 shares and in a price range of Rs 552-554 per share. At the upper end of the price band, the IPO would fetch Rs 2,160 crore.

UTI Asset Management Company's initial public offer was subscribed to 79 percent on the second day of bidding on Wednesday. The initial public offer received bids for 2,15,44,407 shares against 2,73,50,957 shares on offer.

Qualified institutional buyers (QIBs) portion was subscribed 48 percent, noninstitutional investors 35 percent, and retail individual investors (RIIs) 1.15 times. UTI AMC initial public offer is of up to 3,89,87,081 shares and in a price range of Rs 552-554 per share.

At the upper end of the price band, the IPO would fetch Rs 2,160 crore. UTI AMC raised Rs 645 crore from anchor investors on Monday.

This will be the third AMC to get listed on the stock exchanges after Nippon Life India Asset Management and HDFC AMC. The offer, which is scheduled to close for bidding on Thursday, is being managed by Kotak Mahindra Capital Company, Axis Capital, Citigroup Global Markets India, DSP Merrill Lynch, ICICI Securities, JM Financial, and SBI Capital Markets.

Shares of the company are proposed to be listed on BSE and NSE.