UTI AMC shares make tepid debut; drop 14% at close

The shareholding of US investment firm T Rowe Price also went down to 23% from the 26% after the IPO.

UTI Asset Management Company (AMC) made a tepid debut on the exchanges on Monday. Its stock opened at Rs 490.25 on the BSE compared to its issue price of Rs 554. Finally, the company share ended the day at Rs 476.60, down by Rs 77.40 or 13.97%, against the issue price.

The UTIAMC stock touched a high of Rs 530 and a low of Rs 471.10 during the intraday. The market cap of the fund house stood at Rs 6,042.68 crore on the BSE. Meanwhile, market cap of other two listed peers, HDFC AMC and Nippon Life India Asset Management, stood at Rs 48,974.28 crore and Rs 16,441.80, respectively.

The asset manager had offered 3.89 crore equity shares, held by existing shareholders, for sale. The IPO saw the shareholding of three public sector undertaking (PSU) shareholders – State Bank of India (SBI), Life Insurance Corporation of India (LIC) and Bank of Baroda (BOB) – go down to just below 10% each, while that of Punjab National Bank (PNB) went down to 15.24% from 18.24%. The issue was opened on September 19 and closed on October 1.

The shareholding of US investment firm T Rowe Price also went down to 23% from the 26% after the IPO. The data from Association of Mutual Funds in India (Amfi) revealed that UTI MF had an average asset under management (AUM) of Rs 1.55 lakh crore in the July-September quarter.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Source link

What do you think?


Written by Timesdel

Leave a Reply

Your email address will not be published. Required fields are marked *

Virat Kohli: Bowlers turning games around ‘a special addition to the way we have played our cricket’