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Reliance Nippon Life Asset Management Rises Over 18% On Market Debut

The company's initial public offering to raise up to Rs 15.42 billion ($238.29 million) was subscribed over 81 times

Photo Credit : Subhabrata Das

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Reliance Nippon Life Asset Management Ltd saw a strong market debut on Monday, with shares surging as much as 18.65 percent, in the first ever listing by a mutual fund manager in the country.

The company's initial public offering to raise up to Rs 15.42 billion ($238.29 million) was subscribed over 81 times.

Shares in the company were trading at Rs 285.65, up 13.35 per cent by 0444 GMT in a weak Mumbai market that was down 0.23 per cent.

Mutual funds have seen their assets under management surging to record highs this year helped by a bull market and shifting of physical assets to financial assets after India's surprise scrapping of high-value banknotes late last year.

Indian companies have seen a rise in demand for IPOs and look set to surpass the record $8.65 billion raised in 2007.

(Reuters)


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