HDFC Asset Management Seeks To Raise Rs 2,800 Crore Through IPO

Mumbai: HDFC Asset Management Co Ltd's initial public offering of shares next week seeks to raise as much as Rs 2,800 crore ($409.1 million) in one of the biggest IPOs this year. The mutual fund manager's two biggest shareholders - mortgage lender Housing Development Finance Corp Ltd and Standard Life Aberdeen Plc - are selling a total 25.4 million shares, or an about 12 per cent stake, in the IPO that will take subscriptions from July 25 to 27, according to the terms and schedule of the sale released on Tuesday.

The shares are being sold in a price range of Rs 1,095 to Rs 1,110.

HDFC Asset Management will only be the second mutual fund manager to be listed on the Indian bourses after Reliance Nippon Life Asset Management Ltd's IPO last year.

Indian companies raised $3.4 billion from IPOs in the first half of 2018 following a record $11 billion fund-raising in 2017, according to data compiled by Reuters.