HDFC AMC IPO listing: HDFC AMC IPO issue which garnered a stellar response with the issue being subscribed 83 times, is all set to list on the exchanges early next week. We take a closer look.
HDFC AMC IPO listing: HDFC AMC IPO issue which garnered a stellar response with the issue being subscribed 83 times, is all set to list on the exchanges early next week. According to an indicative timeline by Edelweiss Securities, the indicative timeline for listing of the issue in on August 7th. A Choice Broking report had said that the shares may list on August 6th. Notably, the issue had opened on 25th July and closed on the 27th. August 2nd had been fixed as the date of finalisation of basis of allotment.
How to check allotment status?
Investors can go to BSE, and open the page relating to ‘Status of issue application.’ This can be located using the following path– home- Investors- Investors Services- Status of issue Application. The investors will then have to enter the details including Issue Name, Application Number and PAN number. The BSE website will then throw up information relating to the application status. Another way to check the allotment status is using the karvy website. The investors will have to check under the IPO Allotment Status page. Just like BSE, the status can be checked by providing the PAN and Application number.
Other important dates
According to Edelweiss, the initiation of refunds in case of no allotment will begin on August 3rd, i.e, today. The credit to demat account according to its indicative timeline is on 3rd August 2018, said Choice Broking. Edelweiss said that the shares may be credited to demat account on the 6th of August.
For its IPO, HDFC AMC had fixed a price band of Rs 1,095 to Rs 1,100 per equity share, and expected to raise Rs 2,800 crore at the upper end of the price band. Notably, this is the 5th listing within the HDFC group of companies. The bid lot had been fixed at 13 shares, and in multiple of 13 thereafter.
Brokerage firm Motilal Oswal sees promising prospects in the issue, on the back of consistent market leadership and superior growth. “Favourable perception of HDFC AMC brand, higher mix of high-margin equity oriented AUM, consistent RoE of 40%, a wide distribution network and increasing dividend payouts work in HDFC AMC’s favour. At the upper price band, HDFC AMC is valued at 32 times FY18 EPS (20% premium to its only listed peer Reliance Nippon AMC), which is justified given the strong parentage, consistent market leadership and superior growth,” Motilal Oswal, which had a subscribe rating on the issue said in a note.
(first published on August 2nd 2018 at www.financialexpress.com)