On BSE, the scrip debuted flat at Rs 712.
Ahead of listing, the company was quoting a mild premium of Rs 25-30 in the grey market, as the mutual fund player was unable to keep the momentum going despite the secondary market hovering near lifetime highs.
Aditya Birla Sun Life AMC, the investment manager of Aditya Birla Sun Life Mutual Fund, is a joint venture between the Aditya Birla Group and Sun Life Financial Inc of Canada.
The Rs 2,768.26 crore IPO, which was sold from September 29 to October 1, received a subdued response from investors. Ahead of the IPO, the company had raised Rs 789 crore from anchor investors.
The issue was overall subscribed 5.25 times during the offer period. The portion for qualified institutional buyers was subscribed 10.4 times. The portion for high networth investors was subscribed 4.4 times and retail quota 3.2 times.
Aditya Birla Sun Life AMC is the largest non-bank affiliated AMC in India by quarterly average assets under management. It is the fifth largest asset management company of the country on the basis of AUM.
“Sustained strong cash flow generation on the backdrop of continued rise in penetration level and improvement in equity AUM is likely to ensure healthy payout, going forward,” Vikas Jain of Reliance Securities wrote in an IPO note.
