Reliance Nippon Life AMC IPO seeks to raise up to $237 million

MUMBAI (Reuters) - Reliance Nippon Life Asset Management Ltd's initial public offering, the first by an Indian mutual fund manager, seeks to raise up to 15.42 billion rupees ($236.7 million) with the company on Thursday setting a price range of 247-252 rupees per share.

The offer by the manager of India's third-biggest mutual fund by assets under management, which will run from Oct. 25 to Oct. 27, involves a 10 percent stake sale in the company.

Reliance Nippon Life AMC is selling about 24.5 million primary shares in the IPO. Its two main shareholders, Nippon Life and billionaire Anil Ambani's Reliance Capital , will sell up to 25.5 million and 11.2 million shares, respectively.

JM Financial, Citic CLSA, Nomura and Axis Capital are the main banks managing the IPO while Edelweiss, IIFL Holdings, SBI Capital Markets and Yes Securities as bookrunners.

($1 = 65.1500 Indian rupees)

(Reporting by Devidutta Tripathy; Editing by Vyas Mohan)