The ₹1,326 crore initial public offering (IPO) of Canara Robeco Asset Management Company attracted significant interest, achieving an overall subscription rate of 9.74 times by the end of the bidding period on Monday.
According to exchange data, the company received bids for 33.99 crore shares against 3.48 crore shares available for subscription. Qualified institutional buyers (QIBs) led the demand with a subscription rate of 25.92 times, followed by non-institutional investors (NIIs) at 6.45 times and retail investors at 1.91 times.
This IPO consisted entirely of an offer for sale (OFS) totaling approximately 4.98 crore shares, with no fresh issuance involved, priced within a band of ₹253 to ₹266 per share. The OFS saw promoters Canara Bank and ORIX Corporation Europe N V, formerly Robeco Groep N V, selling 2.59 crore shares and 2.39 crore shares, respectively.
Prior to the IPO, the company raised ₹398 crore from anchor investors by allocating 1.49 crore equity shares to 25 funds, which included prominent names like SBI Mutual Funds, ICICI Prudential Mutual Fund, Nippon India Mutual Fund, Kotak Mahindra Mutual Fund, Franklin India Mutual Fund, HSBC Mutual Fund, and Motilal Oswal Mutual Fund.
The allotment date for the IPO is set for October 14, with shares anticipated to list on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on October 16.
