Aditya Birla Sun Life AMC's three-day Initial Public Offer(IPO) has opened for membership from today. The company held a virtual press conference last week to announce that the IPO would remain open for three days i.e. till October 1. The company has fixed a price band of Rs 695-712 per share for an initial share sale of over Rs 2,768 crore.
Aditya Birla Sun Life AMC said the previous day that it has deposited Rs 789 crore from anchor investors ahead of its initial share sale. It is an offer for sale, in which two promoters—Aditya Birla Capital and Sun Life (India) AMC Investments—will sell their stake in the asset management firm.
Shares will be auctioned
Up to 3 crores 88 lakh, 80 thousand equity shares are to be bid under the IPO. According to the information, Aditya Birla Capital will sell 28 lakh 50 thousand 880 shares. On the other hand, Sun Life India will sell 3 crores 60 lakh 29 thousand 120 shares from its stake in Aditya Birla.
Bidding can be done in lots of 20 shares in the IPO. 14,240 rupees can be invested in a lot. Meanwhile, retail investors will be able to bid for a maximum of 20 lots.
Allotment
The company said the allotment of shares will take place on October 6. Investors who cannot get shares will get their money back on October 7. Share credits in the demat accounts of successful investors will be done by October 8.
What experts say
Shares of Aditya Birla Sun Life MC are trading in the grey market at a price of 757-772. These are traded at a premium of 6.3 to 8.4 percent over the issue price of the IPO. However, market experts say its GMP depends entirely on how its issue is subscribed. According to experts, this is a 100 percent offer for sale due to which the subscription may be affected.