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HDFC Asset Management Company (HDFC AMC) is the asset management Branch of the HDFC Ltd, was incorporated in 1999. It is the second largest mutual fund house in India.
HDFC AMC recorded an outstanding performance in its share prices on 6th August 2018. According to the NSE data, the stock was listed at Rs.1, 738 per share, reflecting a strong growth of 58% over the issue price of Rs.1, 100 per share. On BSE, the asset management company’s stock price hit an intraday high of Rs. 1,842.95 per share.
On 6th August 2018, the opening stock price of HDFC AMC was Rs. 1,739 per share. The opening price was Rs. 639 or 58% more than its issue price of Rs. 1,100 per share. The closing price of the stock was Rs. 1,816 per share an increment of Rs. 716 per share or 65% of the issue price.
HDFC AMC Initial Public Offer (IPO) issue was subscribed 83.06 times with astounding response from the institutional investors during 25th July -27th July 2018
The Rs.2, 800 crore IPO of HDFC AMC started with a strong opening on 25th July 2018, the IPO was oversubscribed. It was issued in the price band of Rs 1,095 – Rs. 1,100 per share.
As the HDFC AMC IPO issue is an offer of sale, the asset management company will not obtain any profits from it. Offer for sale means that the existing shareholders of the company are selling their share through IPO.