ALSO READR-Cap files for listing of non-life insurance business Reliance Nippon Life to expand network by acquiring insurers owned by PSBs Reliance Capital non-life insurance unit plans IPO in FY18 Reliance Capital hits 52-week high post Q1 results Reliance Nippon Life Q1 premium income grows 8%; CEO sees strong revival
Reliance Nippon Life Asset Management on Thursday fixed a price band of Rs 247-252 per equity share for its initial public offering, through which it expects to raise Rs 1,542 crore.
The issue will be open for public subscription between October 25-27, Reliance Capital said in a regulatory filing to the stock exchanges.
Anil Ambani-led Reliance Group firm's IPO would be the first by an asset management company (AMC) in India though smaller rival UTI Mutual Fund's offer plans have also been in the works for a long time.
The IPO size would be around 10 per cent of the post issue paid-up capital of the company.
At the upper end of the price band, the IPO will garner Rs 1,542.42 crore.
The company "plans to open its IPO on Wednesday, October 25, and close on Friday, October 27 with a price band of Rs 247-252 per equity share," the filing noted.
JM Financial, CLSA, Nomura and Axis Capital are the global coordinators and book running lead managers for the initial share sale.
Earlier this week, group firm Reliance General Insurance filed draft papers with Sebi for an IPO. Reliance Power and Reliance Communications are among the companies of Anil Ambani group that are already listed on stock exchanges.