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The HDFC Asset Management Co Ltd mutual fund company raised Tuesday 731.85 million rupees ($ 106 million) from a group of major investors before its initial public offering. # 39; savings. The top of the price range Rs 1,095-1,100 at 35 anchor investors, he said in a stock market.
Investors included a private market investment vehicle of private equity firm ChrysCapital, an indirect wholly owned subsidiary of Singapore Temasek Corporation and Abu Dhabi Investment Authority, the sovereign wealth fund of the Gulf Kingdom .
A number of foreign portfolio investors and hedge funds as well as domestic alternative investment funds and mutual funds also bought shares. Auburn, bought HDFC AMC shares worth Rs 9.6 crore. Temsaek, through its investment subsidiary Camas Investments Pte Ltd, and ADIA, the world's third largest sovereign fund, have acquired shares worth Rs 35 crore each.
Fidelity, fourth-largest global asset management firm, Goldman Sachs, BNP Paribas, HSBC and Capital World Group were among other major foreign institutions that participated in the anchor allocation.
The anchor allocation also sparked the participation of Indian asset managers such as ICICI Prudential Mutual Fund, UTI Mutual Fund, Reliance Mutual Fund, Kotak Mutual. Funds, Aditya Birla Sun Life Trustee Co and SBI Mutual Fund
SBI Life Insurance Co. was the only insurer to have participated in the allocation of anchor.
Major investors are institutional investors who accept a one – month lock – in period for a large allocation of shares and support a public offering. Their participation underscores investor confidence in an IPO and sets a benchmark for the investment community as a whole
HDFC AMC seeks a valuation up to Rs 23,161 crore ($ 3.4 billion) across an IPO that starts on Wednesday. Public subscriptions will close on July 27th.
The Mutual Fund Company, a joint venture between the HDFC Mortgage Lender and the British Standard Life Investments Ltd, aims to raise up to 2,800 crores ($ 409 million) at the higher end of the market. price band
The IPO is the second time by a mutual fund company after Nippon Reliance Life Asset Management Co went public last year. The stock sale of 1,542 crores 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 Tuesday's session.
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 assets 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 direction 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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