Stock Advisory in Indore, Reliance Nippon AMC IPO opens today, analysts recommend ‘subscribe’

Reliance Nippon Life Asset Management Ltd, India’s third-largest mutual fund manager, opens its Rs1,542 crore initial public offering (IPO) on Wednesday. Analysts have recommended subscribing to the IPO with a long-term view.

The Reliance Nippon AMC IPO has set a price band of Rs247-252 per share, at the upper end of which the mutual fund manager is valued at Rs15,442 crore—7.8 times its financial year 2017 P/B (price to book) value of 32.2.

Reliance Nippon AMC’s diversified portfolio and an early start will benefit the company as more investors sign up for mutual funds in India, analysts said.

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