HDFC Mutual likely to float IPO by early 2010

HDFC Mutual Fund is planning to float an initial public offer (IPO) by early 2010, industry officials said today.

“The fund house is planning to list itself in January,” a leading mutual fund distributor said. Other details about the IPO were not available.

HDFC Mutual Fund officials, when approached, did not comment.

Milind Barve, managing director, HDFC MF, could not be reached for comments.

Recently, Housing Development Finance Corp (HDFC) Chairman Deepak Parekh had said it plans to list both insurance, and mutual fund companies, and plans to come out with the mutual fund’s IPO first.

India’s second largest HDFC-sponsored fund house in August managed average assets worth Rs 93,874 crore, up 12.6 per cent over the previous month.

HDFC Mutual will become the first domestic mutual fund to list on bourses if the proposed IPO materialises.

In 2008, UTI Mutual was forced to shelve off its IPO plans due to turbulent and weak stock market conditions.