The HDFC Mutual Fund Business will launch its first $ 2,800 crore stock sale next week

Mumbai: HDFC Asset Management Co. Ltd., the second largest Mutual Funds in India, Will Launch Its First Crore Audience ₹ 2,800 HDFC AMC, a joint venture of Mortgage Lender Housing Development Finance Corp. Ltd. (HDFC) and Standard Life Investments Ltd, has set a price range of US $ 1,095 The IPO will be closed on July 27, 2009. The badet manager is valued at 23,319 crores at the top of the price range, while the other side AMC, Reliance Nippon Life Asset Management Co. Ltd, valued at ₹ 13,540 crore at the end of the trading Wednesday

HDFC AMC IPO is a pure offer of Fri HDFC sells a 4% stake in the company, while Standard Life Investments sells 8%.

This is the fifth The HDFC group company has gone public, said Deepak Parekh, president of HDFC Ltd. "Creating long-term value We have been building HDFC AMC for 18 years.On the basis of how we envision India's growth in the years to come, we felt that it was the right moment to make the company public, "said Parekh.

Last year, the HDFC Standard Life Insurance Co. Ltd. was the subject of an IPO that saw the shareholders of HDFC and Standard Life sell to the public shares worth ₹ 8,695 crore.The insurance company was valued at 58,277 crores at the time of the IPO.

Since its IPO, HDFC Standard Life's share price has risen 63.2% to $ 473.45 per share, with Parekh adding that many factors have made mutual funds a vehicle of choice for the Indians. "Demonetization has been a shot for the mutual fund industry. If you see the interest rates on bank deposits have decreased. Rental returns on real estate have become low and are around 2-3%, while gold, in the last five years, has only increased by 1%. one year on the other. All of these factors have helped make mutual funds a preferred choice for investment, "said Parekh.

The total badets under management (ASG) of the industry rises to £ 23 trillion, he said, adding that the future growth potential is immense.

"The total badets under management of the mutual fund industry represents only 11% of India's GDP (gross domestic product), while the world average is 62%. In the United States, the size of the mutual fund industry is 101% of GDP.The shares under management of the mutual fund industry represent only 4-5% of the capitalization the stock market in India, while in the United States this figure is 42%, "said Parekh.

As of March 31, the badets under management of HDFC AMC were raised ₹ 2.91 billion, of which badets under management and non-participating badets under management amounted to 1, 1.49 trillion and 1, 1.42 trillion, respectively