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Reliance Nippon Life Asset Management Ltd - IPO Note - Angel Broking

Posted On: 2017-10-28 21:12:15

Views of Mr. Jaikishan J Parmar (Research Analyst, Angel Broking):

"Reliance Nippon Life Asset Management Ltd (RNAM) is the third largest Asset Management Company (AMC) in terms of quarterly average AUM (QAAUM) with 11.4% market share and is ranked second most profitable AMC. RNAM managed INR 3,84,061cr as on August 2017, which includes Mutual Fund (INR 2,28,329cr), Managed Account (INR 1,53,509cr) and offshore funds & advisory mandates (INR 2,223cr). It is also the second largest AMC among retail investors (market share of 13.6%), having 7.01 million investor folios, of which 6.72 million retail folios.

Outlook & Valuation: At the upper end of the IPO price band it is offered at 37x its FY2017 EPS and 8x its FY2017 book value (Pre-IPO), demanding INR 15,442cr market cap, which is 6.8% of the MF AUM (INR 2,28,329cr for the month of August 2017). Considering that RNAM is the third largest AMC coupled with the huge potential of MF industry to grow, strong return ratios, asset-light business, higher dividend payout ratio and track record of superior investment performance, we are positive on this IPO and rate it as SUBSCRIBE."

Shares of RELIANCE CAPITAL LTD. was last trading in BSE at Rs.574.7 as compared to the previous close of Rs. 567.5. The total number of shares traded during the day was 255510 in over 3719 trades.

The stock hit an intraday high of Rs. 578.75 and intraday low of 566.7. The net turnover during the day was Rs. 146084833.


Source: Equity Bulls

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