As of 11.18 am, applications were seen for 1,51,09,840 shares against the issue size of 2,77,99,200 shares. That is, 54 percent subscription.
The company and its promoters plan to raise Rs 2,768 crore from the market. The initial share-sale is an outright sale offer, in which two promoters – Aditya Birla Capital and Sun Life (India) AMC Investments – will sell their stake in the asset management firm.
As per well-known analysts, based on TTM (Back to Twelve Months) Adjusted EPS of Rs 20.27 post issue, the company is going to be listed at P/E of 35.13 with a market cap of Rs 20,505 Crore. Its counterparts HDFC AMC and Nippon Life are trading at P/E of 50 and 39 respectively.
Most analysts have a ‘subscription’ rating.
“We assign a ‘Subscribe’ rating to this IPO as the company is the largest non-bank associated asset manager in India with a diversified product portfolio and a geographically diversified pan-India distribution presence. Furthermore, the company is fair compared to its peers. Available on valuation,” said Saurabh Joshi of Marwari Shares & Finance.
Aditya Birla Sun Life AMC is ranked as the largest non-bank affiliated AMC in India and one of the four largest AMCs in India by quarterly average assets under management. The company managed a total AUM of ₹2,93,642 crore till June.