Reliance Nippon, the insurance AMC of Anil Ambani group of company made a smart debut. As against the IPO price of Rs.252, the stock got listed on the BSE at Rs.294, a premium listing of 17%. It has come off that levels since then and is now at Rs.286 levels, nevertheless remaining at a premium to IPO price. The grey market activity had indicated that the listing would be at a premium.

The Reliance Nippon Life AMC's Rs 1,542 crore IPO was subscribed 81 times. Not surprisingly, HNIs were the biggest subscribers at 209 times, followed by qualified institutional buyers at 118 times. The retail portion, in comparison was pretty paltry at 5.6 times.

What remains to be seen is whether the price continues to remain over IPO price in the days to come.  Remember, shares of recently listed Reliance Home Finance, post de-merger from parent Reliance Capital, have been on a downward spiral, falling over 20% from its listing at Rs. 107.20 on 21st September 2017, when broader markets have marginally risen during this time.