The Rs 2,160 crore initial public offering (IPO) of UTI Asset Management Company (AMC) opens for bidding on Tuesday, i.e. September 29, 2020. The issue will remain open for three trading days, ranging from September 29 to October 1, 2020. The shares of UTI AMC are likely to be listed on the BSE and NSE, on October 12.
The public offer is available at a price band of Rs 552-554 a share. Investors can bid for a minimum one lot of 27 shares and in multiples, extending up to 13 lots. The IPO will garner Rs 2,160 crore at the higher end of the price band.
The IPO comprises sale of 3,89,87,081 equity shares, or 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 book running lead managers for the offer include SBI Capital Markets, Kotak Mahindra Capital, Citigroup Global Markets, Axis Capital, ICICI Securities and JM Financial, while the registrar is KFintech.
UTI AMC, incorporated in 2002, is the largest asset management company in India in terms of total assets under management. It manages equity, income, liquid, hybrid and money market funds.
UTI Asset Management Company (AMC) will be the third AMC to be listed on the bourses, following the listing of Nippon Life India Asset Management (NAM) and HDFC AMC in the past.
The public offering of UTI AMC 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.