Canara Robeco IPO Subscribed 34% on Day 2

New Delhi, Oct 10 (PTI) The initial public offer of Canara Robeco Asset Management Company subscribed 34 per cent so far on the second day of bidding on Friday.

The initial public offering (IPO) received bids for 1,18,54,080 shares against 3,48,98,051 shares on offer, according to details available with the NSE till 11:55 am.

The quota for retail individual investors (RIIs) was subscribed to 54 per cent, and the category for non-institutional investors received 34 per cent subscription.

Canara Robeco Asset Management Company on Wednesday said it has mobilised Rs 398 crore from anchor investors.

The asset management company's Rs 1,326 crore initial public offering (IPO) will conclude on October 13. The firm has fixed a price band of Rs 253 to Rs 266 per share for the offering, giving a valuation of roughly Rs 5,300 crore at the upper end.

The IPO is a completely an offer for sale (OFS) of 4.98 crore equity shares with no fresh issue component.

Under the OFS, promoters -- Canara Bank and ORIX Corporation Europe N.V. (previously known as Robeco Groep N.V.) -- will offload 2.59 crore shares and 2.39 crore shares, respectively.

Canara Bank owns a 51 per cent stake in Canara Robeco, while Orix Corporation holds the remaining stake in the AMC.

Since the IPO is entirely an OFS, the company will not receive any funds from the public issue, and the proceeds will go to the selling shareholders.

Canara Robeco's primary activities include managing mutual funds and providing investment advice on Indian equities. It is the country's second-oldest asset manager. The state-owned lender had floated the company in 1993, partnering with Robeco, now part of Orix, in 2007.

Canara Robeco operates in a competitive space alongside listed players such as HDFC Asset Management Company, Nippon Life India Asset Management, and UTI Asset Management Company.