UTI AMC garners Rs 645 cr from anchor investors; IPO opens for subscription
UTI Asset Management Company (AMC) has raised Rs 645 crore from anchor investors as its initial share-sale opens for public subscription on Tuesday. The company has allocated 1,16,36,124 equity shares at the upper price band of Rs 554 to 67 anchor investors, UTI AMC informed stock exchanges late night on Monday.
At this price, the company has mopped-up Rs 644.64 crore from anchor investors. Investors who participated in the anchor book include ICICI Prudential Mutual Fund (MF), HDFC MF, Aditya Birla Sunlife MF, HDFC Life Insurance company, Max Life Insurance Co Ltd, Reliance Capital Trustee, Morgan Stanley, HSBC, Goldman Sachs and Nomura Singapore.
The IPO of UTI AMC comprises sale of 3,89,87,081 equity shares or 30.75 per cent stake by existing shareholders.
State Bank of India (SBI), Life Insurance Corporation (LIC) and Bank of Baroda are offering to sell 1,04,59,949 shares each, while Punjab National Bank (PNB) and T Rowe Price International are going to offload 38,03,617 shares each.
At present, SBI, LIC, Punjab National Bank and Bank of Baroda hold 18.24 per cent stake each in UTI AMC. The US-based T Rowe Price owns 26 per cent stake in the company.
The company has also reserved 2 lakh equity shares for eligible employees. The company has fixed a price band of Rs 552-554 a share for its initial public offering (IPO) that will close on October 1. At the upper end of the price band, the IPO would fetch Rs 2,160 crore.
This will be the third AMC to get listed on the stock exchanges after Nippon Life India Asset Management and HDFC AMC. Kotak Mahindra Capital, Axis Capital, Citigroup Global Markets India Pvt Ltd, ICICI Securities, JM Financial and SBI Capital Markets are the book running lead managers to the offer. The shares of the company are proposed to be listed on BSE and NSE.
