Expectations were low, as the latest
According to market observers, Canara Robeco's grey market premium (GMP) stood at ₹22 just hours before listing. This means investors who were allotted shares in the IPO were expected to see listing gains of around 8%.
However, it is important to note that grey market premiums are just an indicator of how the company's shares are stacked up in the unlisted market and are subject to change rapidly.
The initial share sale of Canara Robeco saw strong investor interest during its three days of public bidding, being subscribed nearly 10 times between October 9 and October 13. The company sold its shares at a price band of
The ₹1,326-crore IPO entirely comprised an offer for sale (OFS) of nearly 5 crore shares, with no fresh issue component.
This means that none of the IPO proceeds will go to the company as they will be received by the selling promoters. Currently, Canara Bank owns 51% stake in Canara Robeco while Orix Corporation holding has the remaining stake in the AMC.
The company raised a little over ₹750 crore from anchor investors, just a day before its initial share-sale opened for public subscription.
The anchor book received participation from institutional investors including ICICI Prudential Mutual Fund (MF), HDFC MF, DSP MF, WhiteOak Capital, Mirae Asset MF, Allianz Global Investors Fund, Amundi Funds, Matthews India Fund, Tata MF, Motilal Oswal MF and Societe Generale.