The initial public offering of Canara Robeco Asset Management Co. was subscribed 0.30 times as of 11:27 a.m. on Oct. 10 , marking the second day of bidding.
Investors can apply for shares in the range of Rs 253 and 256 apiece. Bids can be made for a minimum of 56 equity shares of face value of Rs 10 each, requiring an investment of Rs 14,336 crore. The final day of subscription will be Oct. 13.
Canara Robeco AMC raised nearly Rs 400 crore from large institutions in the pre-IPO anchor round on Wednesday.
The allotment of shares to IPO investors will be finalised by Oct. 14. Canara Robeco AMC will list on the BSE and NSE on Oct. 16.
Held by government-owned Canara Bank Ltd., Canara Robeco AMC IPO will be a pure offer for sale, with promoters looking to offload up to 4.98 crore shares.
Canara Bank will sell up to 2.59 crore shares, while Orix Corporation Europe will be selling another 2.39 crore shares. Since this is a pure offer for sale, no funds from the proceeds will go to the company.
Canara Robeco is a 51-49 joint venture between Canara Bank and OCE. OCE was earlier known as Robeco Groep before being acquired by Japan’s Orix Corp.
Canara Bank will sell 13% stake in the company, and OCE will sell another 12% via the OFS.
SBI Capital Markets Ltd., Axis Capital Ltd., and JM Financial Ltd. are the lead managers for the deal.