Photo: iStockNew Delhi: The initial public offer of Reliance Nippon Life Asset Management (RNAM) was subscribed 7.45 times on the second day of bidding on Thursday. The IPO was subscribed 4.64 times yesterday, with the offer getting fully subscribed soon after opening of bids, making it the first-ever IPO to get full subscription within a minute. Other listed firms of the group include Reliance Capital, Reliance Home Finance, Reliance Communications, Reliance Naval and Engineering and Reliance Infra. RNAM’s public issue comprises fresh issuance of 2.45 crore shares, besides an offer for sale of 3.67 crore shares by Reliance Capital and Nippon Life Insurance Company. Reliance Capital and Nippon Life will each dilute 3% stake.

Source: Mint October 26, 2017 07:57 UTC