UTI Asset Management Company is "fairly ready" for the initial public offering and board's approval is already in place, its managing director Leo Puri said on Thursday. Besides, majority of the shareholders of the company have supported the plan to go public. UTI Asset Management Company (AMC), which has been planning an IPO for a long time, could become the first fund house to be listed in the country. Earlier, the firm had filed draft papers with the regulator Sebi in 2008 but could not hit the capital markets. "I cannot give you any date (for the initial share-sale) but we are fairly ready for the IPO and our board has passed a resolution to go-ahead with the plan and majority of our shareholders have also indicated that they support the move," UTI AMC Managing Director Leo Puri said. "We are in dialogue with our shareholders for few last mile issue.
Once, it is done, we will come out with the IPO," he added.UTI MF has an assets base of more than Rs 1.45 lakh crore and is the sixth-largest in terms of assets under management behind ICICI Prudential AMC, HDFC AMC, Reliance Nippon Life AMC, Birla Sun Life AMC and SBI MF. UTI MF's public issue would allow partial exit for four sponsors -- SBI, LIC, BoB and PNB -- which own 18.5 per cent each in it, while the remaining 26 per cent is held by the US-based investment firm T Rowe Price. "The mutual fund market is at an inflection point. Besides, the primary market is very active and this is the right time to approach the market and we are keen to utilise the opportunity as we do not want our competitor to get any advantage," Puri said. Also, our shareholders see this as an opportunity for monetisation, he added. Anil Ambani-led Reliance Group had also announced plans to come out with IPO for its mutual fund arm -- Reliance Nippon Life Asset Management. During January-June period this year, over a dozen companies have raised more than Rs 12,000 crore through IPOs, a surge of 73 per cent from the year-ago period.
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