UTI Asset Management Company Public Offer Closes For Bidding. Key Things To Know

The IPO of UTI AMC includes sale of 30.75 per cent stake by existing shareholders, including the likes of State Bank of India, Life Insurance Corporation, Bank of Baroda, Punjab National Bank and T Rowe Price International.

UTI Asset Management Company Public Offer Closes For Bidding. Key Things To Know

The price band of UTI Asset Management Company IPO has been fixed at Rs 552-554 a share.

The Rs 2,160 crore initial public offering (IPO) of UTI Asset Management Company (AMC) closes for subscription on Thursday, i.e. October 1, 2020. The issue was open for three trading days, from September 29 to October 1, 2020. The shares of UTI AMC are likely to be listed on stock exchanges BSE and NSE on October 12. The IPO of UTI AMC includes sale of 30.75 per cent stake by existing shareholders, including the likes of State Bank of India, Life Insurance Corporation, Bank of Baroda, Punjab National Bank and T Rowe Price International.

The price band has been fixed at Rs 552-554 a share. The IPO will garner Rs 2,160 crore at the higher end of the price band. Applicants can bid for a minimum one lot of 27 shares and in multiples thereof, extending up to 13 lots.

SBI Capital Markets, Kotak Mahindra Capital, Citigroup Global Markets, Axis Capital, ICICI Securities and JM Financial are the book running lead managers for the public offer; KFintech is the registrar to the issue.

UTI AMC, incorporated in 2002, is the largest asset management company in India in terms of total assets under management. It manages equity, hybrid, income, liquid and money market funds.

UTI Asset Management Company (AMC) is the third AMC to be listed on the bourses, following Nippon Life India Asset Management (NAM) and HDFC AMC.

The UTI AMC public offer will be tenth this year, after SBI Card, Rossari Biotech, Mindspace Business Parks REIT, Happiest Minds Technologies, Route Mobile, Compute Age Management Services, Chemcon Speciality Chemicals, Angel Broking and Likhitha Infrastructure.