The much-awaited initial public offer (IPO) of UTI Asset Management Company, one of the leading asset management companies (AMCs) in India, is set to open on September 29. The Offer is proposed to close on October 1, 2020. The price band of the Offer has been fixed at Rs 552 to Rs 554 per Equity Share. SBI, LIC, PNB, Bank of Baroda to sell stake.
The Offer consists of an initial public offer of up to 38,987,081 Equity Shares by the Selling Shareholders comprising an offer for sale of up to 10,459,949 Equity Shares by State Bank of India up to 10,459,949 Equity Shares by Life Insurance Corporation of India –LIC, up to 10,459,949 Equity Shares by Bank of Baroda -BOB, up to 3,803,617 Equity Shares by Punjab National Bank PNB and up to 3,803,617 Equity Shares by T. Rowe Price International Ltd. TRP and together with SBI, LIC, BOB and PNB, . The Offer includes a reservation of up to 200,000 Equity Shares for purchase by eligible employees . The Offer less the Employee Reservation Portion is hereinafter referred to as the “Net Offer”. The Offer and the Net Offer would constitute at least 30.75% and 30.59% of the post-Offer paid-up Equity Share Capital of the Company, respectively.
Bids can be made for a minimum of 27 Equity Shares and in multiples of 27 Equity Shares thereafter.
Kotak Mahindra Capital Company Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited, DSP Merrill Lynch Limited, ICICI Securities Limited, JM Financial Limited and SBI Capital Markets Limited are the book running lead managers to the Offer
UTI Asset Management Company Limited , the second largest asset management company in India in terms of Total AUM and the eighth largest asset management company in India in terms of mutual fund, as of June 30, 2020, according to CRISIL,