Adity Birla AMC dull debut

about 12 days ago
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Aditya Birla Sun Life AMC made a flat debt today. After getting listed at Rs.715 v/s IPO price of Rs.712, the stock price went down to Rs.700 and is currently trading at Rs.706 on the BSE.

The IPO had received 5.25 times subscription by the end of its closing day. The QIBs portion was subscribed 10.36 times, HNIs by 4.39 times and Retail Investors by 3.24 times.

In our IPO Analysis conclusion, we had said, “AUM growth being slower than industry and profitability also lower than peers explains company’s discounted valuation at 7% of AUM. However, while company is not a screaming buy, there is room for mcap to rise modestly, in line with company’s earnings growth, as sector tailwinds remain structurally strong.”

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