Aditya Birla Sun Life AMC's Rs 2,768.25 crore initial public offering (IPO) will open for subscription tomorrow i.e. September 29 and will close on October 1. The issue is an offer for sale of up to 28.51 lakh shares by Aditya Birla Capital and up to 3.6 crore shares by Sun Life AMC, constituting 13.50 per cent of the company's post-offer paid up equity share capital. Aditya Birla AMC has fixed the price band for the offer at Rs 695-712 per share.
Investors can bid for a minimum of 20 shares and in multiples of 20 thereafter, extending up to 13 lots. A total of 50 per cent of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
The company will not receive any IPO proceeds as it is an offer for sale. All the funds, excluding issue expenses, will go to the selling shareholders.
Aditya Birla Sun Life AMC is a joint venture between the Aditya Birla Group and the Sun Life Financial Inc of Canada. It had average assets under management of Rs 2.93 lakh crore as of the June quarter and manages 118 schemes under its suite of mutual funds (excluding its domestic fund-of-funds), portfolio management services, offshore and real estate offerings.
Kotak Mahindra Capital Company, BofA Securities, Citigroup Global Markets India, Axis Capital, HDFC Bank, ICICI Securities, IIFL Securities, JM Financial, Motilal Oswal Investment Advisors, SBI Capital Markets and YES Securities (India) are the merchant bankers to the issue.