Canara Robeco AMC raises ₹397 crore from over 15 anchor investors ahead of IPO

Canara Robeco AMC Ltd. has raised ₹397 crore from over 15 anchor investors ahead of its IPO opening for subscription on Thursday, October 9.

The company's board approved the issue of 1.49 crore equity shares to these eligible anchor investors at a price of ₹266 per share, which is the upper end of the price band.

Nippon Life India Trustee Ltd., via the Nippon India Smallcap Fund, received the lion's share of the anchor book allocation, with over 13.16 lakh shares, at an investment of ₹39 crore. Aditya Birla Sun Life Banking & Financial Services Fund, Axis Small Cap Fund, DSP Banking Fund, and SBI PSU Fund follow suit in the list of large anchor allocations.

Fund	% Of Anchor Book
Nippon India Small Cap Fund	8.81
Kotak Mahindra MF	2.55
Aditya Birla Sun Life MF	7.55
Axis Smallcap Fund	7.55
DSP Banking & Financial Services Fund	7.55
SBI PSU Fund	6.29
Kotak Contra Fund	6.25

Canara Robeco AMC's ₹1,326 crore IPO opens for subscription on Thursday. The company has fixed the price band between ₹253 - ₹266 per share. Retail investors can bid for one lot of 56 shares, which will entail a minimum investment of ₹14,896. Investors can then bid in multiples of 56 shares thereafter.

The issue is a complete Offer For Sale (OFS), which means the company will not receive any proceeds from the issue. Canara Bank and OCE, classified as promoters, will be selling shares in the IPO.

Canara Robeco AMC will have a post-issue market capitalization of ₹5,305 crore, which is at the upper-end of the price band.

The issue will close for subscription on Monday, October 13. Allotment of shares will take place on Tuesday, October 14, while the stock will list on the exchanges on October 16.