Rakesh Jhunjhunwala among marquee investors who bid for Reliance Nippon Life IPO

NEW DELHI: Marquee investors including Rakesh Jhunjhunwala, Akash Bhansali and Nimesh Shah have put in bids for the recently closed Reliance Nippon Life Asset Management (RNAM) IPO, sources told ET Now.

The combined bids from the three investors are believed to be around Rs 550 crore.

RNAM IPO, which got subscribed over 81 times, was opened for subscription during October 25 to October 27.

The Rs 1,540-crore IPO received bids for 3,49,09,34,066 shares against the total issue size of 4,28,40,000 (excluding anchor portion), according to NSE data.

RNAM's IPO received 15.81 lakh applications according to reports.

Anil Ambani-led Reliance Group asset management arm had fixed the price band at Rs 247-252 per share.

This was the first initial share sale by an asset management company (AMC) in India though smaller rival UTI Mutual Fund's IPO plans have been in the works for a long time.

Also, it is the first IPO from the Reliance group after Reliance Power in 2008. Other listed firms of the group include Reliance Capital, Reliance Home Finance, Reliance Communications, Reliance Naval and Engineering and Reliance Infra.

JM Financial, CLSA, Nomura and Axis Capital are the global coordinators and book running lead managers for the initial share sale.