Bookbuilding IPO | ₹1,542 Cr | Listed at BSE, NSE | Wed, Oct 25, 2017 - Fri, Oct 27, 2017
Reliance Nippon Life IPO is a book build issue of ₹1,542.24 crores. The issue is a combination of fresh issue of 2.45 crore shares aggregating to ₹616.90 crores and offer for sale of 3.67 crore shares aggregating to ₹925.34 crores.
Reliance Nippon Life IPO bidding started from Oct 25, 2017 and ended on Oct 27, 2017. The allotment for Reliance Nippon Life IPO was finalized on Nov 1, 2017. The shares got listed on BSE, NSE on Nov 6, 2017.
Reliance Nippon Life IPO price band is set at ₹252 per share. The lot size for an application is 59. The minimum amount of investment required by an retail is ₹14,868 (59 shares) (based on upper price). The lot size investment for sNII is 14 lots (826 shares), amounting to ₹2,08,152, and for bNII, it is 68 lots (4,012 shares), amounting to ₹10,11,024.
Axis Capital Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Refer to Reliance Nippon Life IPO RHP for detailed Information.
IPO Open
Wed, Oct 25, 2017
IPO Close
Fri, Oct 27, 2017
Issue Price
₹252 per share
Market Cap (Pre-IPO)
₹15,422.40 Cr
| IPO Date | 25 to 27 Oct, 2017 |
| Listed on | Mon, Nov 6, 2017 |
| Face Value | ₹10 per share |
| Price Band | ₹247 to ₹252 |
| Issue Price | ₹252 per share |
| Lot Size | 59 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 6,12,00,000 shares (agg. up to ₹1,542 Cr) |
| Fresh Issue | 2,44,80,000 shares (agg. up to ₹617 Cr) |
| Offer for Sale | 3,67,20,000 shares of ₹10 (agg. up to ₹925 Cr) |
| Share Holding Pre Issue | 58,75,20,000 shares |
| Share Holding Post Issue | 61,20,00,000 shares |
| BSE Script Code / NSE Symbol | 540767 / NAM-INDIA |
| ISIN | INE298J01013 |
Reliance Nippon Life IPO comprises a total issue size of 6,12,00,000 shares. Out of which, 3,06,00,000 (50.00%) are allocated to QIB, 91,80,000 (15.00%) allocated to NII 2,14,20,000 (35.00%) allocated to RII.
| Investor Category | Shares Offered | % of Total Issue | Max Allottees |
|---|---|---|---|
| QIB Shares Offered | 3,06,00,000 | 50.00% | NA |
| − Anchor Investor Shares Offered | 1,83,60,000 | 30.00% | NA |
| − QIB (Ex. Anchor) Shares Offered | 1,22,40,000 | 20.00% | NA |
| NII (HNI) Shares Offered | 91,80,000 | 15.00% | NA |
| Retail Shares Offered | 2,14,20,000 | 35.00% | 3,63,050 |
| Total Shares Offered | 6,12,00,000 | 100.00% |
Investors can bid for a minimum of 59 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 59 | ₹14,868 |
| Retail (Max) | 13 | 767 | ₹1,93,284 |
| S-HNI (Min) | 14 | 826 | ₹2,08,152 |
| S-HNI (Max) | 67 | 3,953 | ₹9,96,156 |
| B-HNI (Min) | 68 | 4,012 | ₹10,11,024 |
Reliance Nippon Life IPO raises ₹462.67 crore from anchor investors. Reliance Nippon Life IPO Anchor bid date is October 24, 2017.
📝 Anchor Investors Letter (PDF)
| Bid Date | Tue, Oct 24, 2017 |
| Shares Offered | 1,83,60,000 |
| Anchor Portion (₹ Cr.) | 462.67 |
| Anchor lock-in period end date for 50% shares (30 Days) | Fri, Dec 1, 2017 |
| Anchor lock-in period end date for remaining shares (90 Days) | Tue, Jan 30, 2018 |
Incorporated in 1995, Reliance Nippon Life Asset Management Ltd is Mumbai, India based asset management company. Company has market share of over 11.4% in mutual funds offerings in India. Reliance Nippon Life is ranked the 2nd most profitable asset management company in India.
Company is promoted by Reliance Capital Limited. Reliance Capital is an RBI registered non-banking finance company with business interests including in asset management and mutual funds, life, health and general insurance, commercial and home finance, stock broking, wealth management services, distribution of financial products, asset reconstruction and proprietary investments. Reliance Capital Limited is a part of Reliance Group led by Mr. Anil D. Ambani.
Nippon Life Insurance Company, one of the leading private life insurers in Japan is the co-promoter of the company. Nippon Life offers a wide range of financial products, including individual and group life and annuity policies. Company has assets of over USD 577.00 billion.
Reliance Nippon Life is involved in managing:
1. Mutual funds (including ETFs);
2. Managed accounts, including portfolio management services, alternative investment funds (AIFs) and pension funds; and
3. Offshore funds and advisory mandates.
Company manages 55 open-ended mutual fund schemes including 16 ETFs and 174 closed ended schemes. Company has a network of 171 branches and over 58,000 distributors including banks, financial institutions, national distributors and independent financial advisors as of June 30, 2017.
Company Strengths:
1. Third largest asset management company in India backed by strong promoters.
2. Strong presence across India
3. Well-diversified product suite across mutual funds and ETFs, managed accounts and offshore funds and advisory mandates.
| Period Ended |
|---|
| Amount in ₹ Crore |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Setting up new branches and relocating certain existing branches | 38.31 |
| 2 | Upgrading the IT system | 40.65 |
| 3 | Advertising, marketing and brand building activities | 72.09 |
| 4 | Lending to our Subsidiary (Reliance AIF) for investment of continuing interest in the new AIF schemes managed by Reliance AIF | 125.00 |
| 5 | Investing towards our continuing interest in new mutual fund schemes managed by us | 100.00 |
| 6 | Funding inorganic growth and strategic initiatives | 165.00 |
| 7 | General corporate purposes | 44.07 |
| Total | 585.11 |
The Reliance Nippon Life IPO is subscribed 81.54 times on October 27, 2017 11:30:00 PM (Day 3). The public issue subscribed 5.65 times in the retail category, 118.4 times in the QIB category, and 209.44 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 118.4 | 1,22,40,000 | 1,44,92,70,218 |
| NII | 209.44 | 91,80,000 | 1,92,26,59,668 |
| Retail | 5.65 | 2,14,20,000 | 12,10,37,556 |
| Total | 81.54 | 4,28,40,000 | 3,49,29,67,442 |
Date: 24th Oct 2017
Reliance Nippon Life Asset Management Limited IPO raises Rs 462.67 Cr from anchor investors which opened and closed today on October 24, 2017. The anchor book received overwhelming response for the investors as it was subscribed 30+ times. This is one of the largest anchor responses any company has received for its IPO in the recent past. Earlier sources has confirmed demand of 15,000+ Cr received from over 50 investors against anchor book size of Rs 462.67 Cr - allocation made to 24 investors.
Reliance Nippon Life Asset Management Limited attoted 18,360,000 shares to 24 anchor investors at the higher end of the IPO price band of Rs 252 per share.
The anchor issue was subscribed by following set of high quality and respectable names like:-
| Issuer Company | Issue Size | No. of times subscribed on Day 1 |
| Reliance Nippon Life Asset Management | 1,542 | 4.64 |
| AU Small Finance Bank | 1,913 | 0.18 |
| Avenue Supermarts | 1,870 | 1.35 |
| BSE | 1,243 | 0.50 |
| Cochin Shipyard | 1,443 | 0.92 |
| Godrej Agrovet | 1,157 | 0.52 |
| HUDCO | 1,210 | 0.63 |
| ICICI Lombard | 5,615 | 0.27 |
| SBI Life Insurance | 8,220 | 0.09 |
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Payment to the BRLMs (including brokerage and selling commission) | 23.39 |
| 2 | Selling commission, processing fees, brokerage and bidding charges for the SCSBs, Members of the Syndicate, Registered Brokers, RTAs and CDPs | 5.63 |
| 3 | Fees payable to the Registrar to the Offer | 0.79 |
| 4 | Listing fees, SEBI filing fees, book building software fees and other regulatory expenses | 4.67 |
| 5 | Printing and stationery expenses | 3.51 |
| 6 | Advertising and marketing for the Offer | 7.53 |
| 7 | Miscellaneous | 6.95 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹252.00 | ₹252.00 |
| Open | ₹294.00 | ₹295.90 |
| Low | ₹278.00 | ₹278.00 |
| High | ₹298.70 | ₹299.00 |
| Last Trade | ₹284.00 | ₹284.40 |
Lead Manager Reports
Reliance Nippon Life IPO is a main-board IPO of 6,12,00,000 equity shares of the face value of ₹10 aggregating up to ₹1,542 Crores. The issue is priced at ₹252 per share. The minimum order quantity is 59.
The IPO opens on Wed, Oct 25, 2017, and closes on Fri, Oct 27, 2017.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Reliance Nippon Life IPO using UPI as a payment gateway. Zerodha customers can apply in Reliance Nippon Life IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Reliance Nippon Life IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Reliance Nippon Life IPO opens on Wed, Oct 25, 2017 and closes on Fri, Oct 27, 2017.
Reliance Nippon Life IPO lot size is 59, and the minimum amount required for application is ₹14,868.
You can apply in Reliance Nippon Life IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Reliance Nippon Life IPO will be done on Wednesday, November 1, 2017, and the allotted shares will be credited to your demat account by Fri, Nov 3, 2017. Check the Reliance Nippon Life IPO allotment status.
The Reliance Nippon Life IPO listing date is on Mon, Nov 6, 2017.
