Canara Robeco AMC’s Rs.1,326-Cr IPO closes with 10x subscription

The 1,326-crore initial public offering (IPO) of Canara Robeco Asset Management Company has been subscribed nearly 10 times, receiving bids for nearly 34 crore shares, as against the offer size of 3.49 crore shares. Retail and Non-Institutional Investors (NII) subscribed to their reserved portions 1.9 and 6.4 times respectively. Qualified Institutional Buyers (QIB) bid 26 times their quota.Canara Robeco AMC launched its initial public offering to raise INR 1,326 crore entirely through an offer for sale (OFS) of nearly 5 crore shares, with no fresh issue component. Currently, Canara Bank owns a 51% stake in Canara Robeco, with Orix Corporation of Japan holding the rest.Earlier, Canara Robeco raised INR 397.8 crore from 25 anchor investors.