Aditya Birla Sun Life AMC shares end down 2% on market debut

Aditya Birla Sun Life Asset Management Company (AMC) shares closed negative on the first day of trading session on Monday, after registering a mute debut on the exchanges earlier today. 

The stock declined around 2 per cent to Rs 699.65 per share on the BSE, while over 2 per cent to Rs 698 on the NSE at the market close on Monday. 

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Aditya Birla Sun Life AMC stock made a flat stock market debut, as the shares were listed at Rs 712 per share on BSE and Rs 715 per share on NSE against its issue prices of Rs 695-712 per share. 

The listing was in line with Zee Business Managing Editor Anil Singhvi's expectations, as during its IPO preview, he had predicted a flat/mute listing of the company shares on exchanges.

On the intraday basis, the counter hit a high of Rs 721 per share on the BSE and Rs 722.9 per share on the NSE, while it touched the lowest level of Rs 696 per share on the former and Rs 695.35 per share on the latter during its listing early morning today.

Aditya Birla Sun Life Asset Management IPO, which had opened between September 29 and October 1, 2021, was subscribed 5.25 times in three days.  The Rs 2,768.25-crore initial share sale received bids for 14,59,97,120 shares against 2,77,99,200 shares on offer, as per NSE consolidated bid details.    

The category meant for Qualified Institutional Buyers (QIBs) received 10.36 times subscription, that for non-institutional investors 4.39 times and Retail Individual Investors (RIIs) 3.24 times.  

In his IPO preview, the managing editor had recommended to apply for those only with a long-term view. He said short-term investors could give a skip to the issue. " It is highly unlikely that this issue would offer listing gains," Singhvi had said. 

Aditya Birla Sun Life Asset Management Company become the fourth asset management company to list in bourses, besides HDFC AMC, Nippon Life India AMC, and UTI AMC.