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UTI AMC shares list at over 11% discount

NEW DELHI: Shares of UTI Asset Management Company on Monday listed with a discount of over 11 per cent over its issue price of Rs 554 per share.
The stock debuted at Rs 490.25, registering a decline of 11.50 per cent from the issue price on the BSE.
On the NSE, shares of the company opened at Rs 500, a discount of 9.74 per cent.
The company’s market valuation was Rs 6,605.62 crore on the BSE.
The Rs 2,160-crore initial public offer (IPO) of the company was subscribed 2.31 times. Price range for IPO was Rs 552-554 per share.
This is the third asset management company (AMC) to get listed on the stock exchanges after Nippon Life India Asset Management and HDFC AMC.
Kotak Mahindra Capital Company, Axis Capital, Citigroup Global Markets India, DSP Merrill Lynch, ICICI Securities, JM Financial and SBI Capital Markets were the managers to the offer.

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