India's Aditya Birla Sun Life AMC shares make tepid debut

Aditya Birla Sun Life Amc

11/10/2021 08:34

** Shares of the asset management unit of Aditya Birla Sun
Life  ADIE.NS  began trading at 715 rupees vs IPO price band of
695-712 rupees/share
    ** ADIE shares rose as much as 722.90 rupees in morning
trade but were trading flat as of 0645 GMT
    ** The offer for sale comprised of up to 36 mln shares sold
by ADIE's promoters Aditya Birla Capital  ADTB.NS  and Sun Life
 SLF.TO  (India) AMC Investments
    ** Co expects this IPO will help enhance its visibility and
brand image
    ** Aditya Birla Sun Life AMC - a JV between ADTB and SLF's
asset management ops in India - had a total AUM of over 2.94
trln rupees ($39.13 bln ) as of June 30 
    ** During the past decade, ADIE has consistently featured
among the top five Indian asset management firms  - HDFC
Securities
    ** Brokerage firm Anand Rathi Research gave the IPO a
"subscribe" rating, citing the co's well-recognized promoters,
growing individual investor customer base and diverse product
portfolio
    


($1 = 75.1330 Indian rupees)

 (Reporting by Shivani Singh in Bengaluru)
 ((ShivaniSingh1@thomsonreuters.com; +91 89 6969 2349))