India’s Canara Robeco opens up 5.4% in trading debut

Oct 16 (Reuters) – Indian asset manager Canara Robeco's shares listed at a premium of 5.4% to their issue price in their pre-open trading debut on the National Stock Exchange on Thursday. The Mumbai-based firm's stock opened at 280.25 rupees, above the 266 rupee issue price. Its IPO was subscribed nearly 10-fold earlier this week, led by a heavy demand from qualified institutional buyers, who subscribed 26-fold their reserved quota. In comparison, retail investors' portion was subscribed two-fold. Canara Robeco Asset Management is the first public debut by an Indian asset manager this year, adding to the growing list of financial services firms tapping the capital markets. ICICI Prudential AMC is expected to list soon. (Reporting by Yagnoseni Das in Bengaluru; Editing by Harikrishnan Nair)

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