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The HDFC Asset Management Co Ltd mutual fund company is seeking a valuation up to Rs 23,161 crore ($ 3.4 billion) through an IPO next week.
HDFC AMC Establishes a Price Range of The Mutual Fund Corporation, a joint venture between HDFC and Standard Life Investments Ltd, aims to: raise up to 2,800 crore rupees ($ 409 million) at the upper end of the price range
The flagship investor book for the IPO will open on July 24. Public subscriptions will begin one day later and end on July 27th.
The IPO is the second of a mutual fund company following the public release of Reliance Nippon Life Asset Management last year. The sale of Rs 1,542 crore shares of the third largest mutual fund company in India has been underwritten 81 times.
Reliance Nippon Life AMC had a market capitalization of Rs 13,565 crore at the end of the trading on Tuesday.
HDFC AMC filed its draft prospectus for the IPO on March 15. He received a nod on June 22. VCCircle reported last month that […] the HDFC AMC offer includes a sale of 25.45 million shares by HDFC and Standard Life. The mortgage lender will sell 8.59 million shares, or a 4.08% stake, while Standard Life will sell 16.86 million shares through the IPO.
The mortgage lender's interest in HDFC AMC will fall to 53.28% after the IPO of 57.36%. The participation of Standard Life will increase from 38.24% to 30.23%. The company will have three years to respect the 25% minimum public participation of SEBI.
The mortgage lender had initiated the IPO process in November of last year when he declared that he would pay a stake in the mutual fund unit via an IPO. 19659002] HDFC AMC has appointed a dozen bankers to handle the sale of shares. They are Kotak Mahindra Capital Co, Axis Capital, Bank of America Merrill Lynch, Citigroup Global Markets (India), CLSA India, HDFC Bank, ICICI Securities, IIFL Holdings, JM Financial, JP Morgan India and Nomura Financial Advisory and Securities India
The company had Rs 3.06 lakh crore badets under management at the end of June, just under Rs 3.10 lakh crore ICICI Prudential Asset Management Co. Ltd., according to the Association of Mutual Funds of India.
The HDFC AMC project to follow a growing trend where banks and financial services are looking to unlock value in group companies after the rapid rise in stock markets.
The company will become the fourth company under the leadership of Deepak Parekh The HDFC group becomes public
The mortgage lender HDFC was listed in 1978, one year after its entry into activity, according to its website. HDFC Bank went public in March 1995 with a Rs 50 crore IPO that was subscribed 55 times. His shares listed at Rs 40 piece, four times the issue price.
HDFC Standard Life Insurance Co. launched its IPO in November 2017. The IPO Rs 8,695 crore was subscribed just over five times and the insurer earned its debut as negotiation.
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