HDFC Mutual Fund’s IPO (Initial Public Offering) will be available at a price band of 1,095 Rupees to 1100 Rupees per share. The IPO will be open for subscription on July 25, 2018 and will close on July 27, 2018.
HDFC and Standard Life, the two shareholders of HDFC Asset Management Company (AMC), will garner about 2,800 crore Rupees through this IPO that will be at a price band of 1,095 Rupees to 1100 Rupees per share.
Through this Initial Public Offering, the housing finance major HDFC is selling 4.08 percent of its share in the fund house, while its joint venture partner Standard Life is selling about 8 percent.
After being listed, the HDFC Mutual Fund house, the second largest assets management company in India, will become the “second mutual fund to go public.” Reliance Nippon Life Mutual Fund became first listed AMC in India, when the fund house went public last year.
In the meantime, sensex picked up by over 196 points to reach 36,520 while the NSE Nifty reached above the 11,000 level as metal, PSU and oil stocks supported after a severe fall in global crude oil prices.
Banking, oil and gas, and pharma sector stocks have influenced much in increasing the sensex to almost a new record high level, said a Delhi-based NSE broker Manoj Choraria.
Following an encouraging opening, the sensex improved to a high record of 36,550, however “profit booking in heavyweight HUL, ITC and Infosys trimmed its gains.” The sensex index went to a low level of 36,262 before settling at the level of 36,520, which is improvement of 196 points, or 0.54 percent, according to The Times of India.
HDFC Mutual Fund has a sensibly higher share with respect to equity assets, which attributed for its higher profitability. Additionally, the fund house was the top AMC with respect to equity assets share, as of December 2017, based on a report from Good Returns.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]