UTI AMC Public Offer To Open On Tuesday. Here's All You Need To Know

UTI AMC: The issue will be open for three trading days, from September 29 to October 1, 2020, and the issue price for the offer has been fixed at Rs 552-554 a share.

UTI AMC Public Offer To Open On Tuesday. Here's All You Need To Know

UTI AMC IPO: Investors can bid for minimum one lot of 27 shares and in multiples, up to 13 lots.

The Rs 2,160 crore initial public offering (IPO) of UTI Asset Management Company (AMC) will open for subscription on Tuesday, i.e. September 29, 2020. The issue will be open for three trading days, from September 29 to October 1, 2020. The bidding for anchor investors will take place on September 28. The shares of UTI AMC are likely to be listed on the BSE and NSE, on October 12.

The company has fixed a price band for its public offer at Rs 552-554 a share. At the higher end of the price band, the IPO will garner Rs 2,160 crore.

UTI Asset Management Company (AMC) will be the third AMC to be listed on the stock exchanges, following in the footsteps of Nippon Life India Asset Management (NAM) and HDFC AMC.

The IPO comprises sale of 3,89,87,081 equity shares, or 30.75 per cent stake by the existing shareholders, including State Bank of India, Life Insurance Corporation, Bank of Baroda, Punjab National Bank and T Rowe Price International. The objective of the offer is to list the equity shares on the stock exchanges.

Investors can bid for a minimum one lot of 27 shares and in multiples thereof, up to 13 lots.

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

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

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.