Aditya Birla Sun Life AMC announced on Friday that it has set a price range of Rs. 695,712 per share for its initial share sale of more than Rs. 2,768 billion.
Aditya Birla Sun Life AMC announced on Friday that it has set a price range of Rs. 695,712 per share for its initial share sale of more than Rs. 2,768 billion. The three-day initial public offering (IPO) will open for subscription on September 29 and close on October 1, the company announced at a virtual press conference.
The initial sale of shares is a pure offer to sell, in which the two promoters, Aditya Birla Capital and Sun Life (India) AMC Investments, will sell their participation in the asset management company.
The initial public offering of up to 3.88 billion shares includes an offer to sell up to 28.51 billion shares of Aditya Birla Capital and up to 3.6 billion shares of Sun Life AMC.
The anticipated sale of shares by Aditya Birla Capital and Sun Life India as part of the initial public offering will together represent up to 13.50 percent of the paid-up share capital of Aditya Birla Sun Life AMC.
At the upper end of the range, the initial share sale is expected to bring in Rs 2,768.25 billion.
Aditya Birla Sun Life AMC, the investment manager of the Aditya Birla Sun Life Mutual Fund, is a joint venture between Aditya Birla Group and Canadian asset management companies Sun Life Financial Inc.
such as Nippon Life India Asset Management, HDFC AMC and UTI AMC are already on the list.
Aditya Birla Sunlife MF, the fourth largest fund house, had average assets under management of Rs 2.93 crore lakh for the June quarter. It currently manages 118 systems.
Since its inception in 1994, the fund house has built a geographically diversified India-wide sales presence with 284 locations in 27 states and six union territories.
Half of the issuance volume is reserved for qualified institutional buyers (QIB), 35 percent for private investors and the remaining 15 percent for non-institutional investors. 4,444 investors can bid for at least 20 shares and then in multiples of 20 shares.
Kotak Mahindra Capital Company, BofA Securities, Citigroup Global Markets India, Axis Capital, HDFC Bank, ICICI Securities, IIFL Securities, JM Financial, Motilal Oswal Investment Advisors, SBI Capital Markets and YES Securities (India) are the commercial bankers of the issue.
The asset management company, which submitted preliminary IPO documents to Sebi in April, received approval in August.
In early June, Sebi had put the first proposed sale of shares of Aditya Birla Sun Life AMC on hold. However, the regulatory authority had not disclosed why.