You are here: Home » Companies » News
Business Standard

UTI MF, Mazagaon Dock IPOs open Sept 29, Angel Broking sees muted demand

The Rs 600-crore IPO of Angel Broking garnered nearly four times subscription

UTI Mutual Fund | IPOs | Centre

BS Reporter 

IPO market
The government is looking to raise Rs 440 crore by divesting 15.2 per cent stake in Mazagaon Docks through its initial public offering (IPO).

UTI MF’s Rs 2,160-cr IPO to open Sept 29

will launch its Rs 2,160-crore IPO on September 29. The IPO comprises secondary share sales by State Bank of India, Life Insurance Corporation, Bank of Baroda, Punjab National Bank and T Rowe Price. While LIC, and BoB are selling 8.25 per cent stake each, and T Rowe are offloading 3 per cent in the IPO. The price band for the IPO is Rs 552 to Rs 554 per share. At the top end, UTI will be valued a Rs 7,000 crore. Following the IPO, LIC, and BoB’s stake will fall below 10 per cent, making them compliant with Sebi’s cross shareholding norms.

Govt looks to raise Rs 440 cr via Mazagon Docks IPO

The government is looking to raise Rs 440 crore by divesting 15.2 per cent stake in Mazagaon Docks through its initial public offering (IPO). The currently holds 100 per cent stake in the shipbuilding firm. The IPO price band has been set at Rs 135 to Rs 145 per share. At the top end, the company will be valued at Rs 2,924 crore. The IPO opens on September 29 and closes on October 1.

IPO subscribed 4 times

The Rs 600-crore IPO of garnered nearly four times subscription. The demand was muted when compared to the last five offerings. Market players said the sharp selloff in the markets on Thursday impacted investor sentiment. The IPO comprised Rs 300 crore in fresh fund raising and another Rs 300 crore secondary share sale by existing shareholders, including International Finance Corporation (IFC), a World Bank arm. is the country’s fifth largest broker in terms of the number of active clients. At the IPO price, Angel Broking will be valued at Rs 2,503 crore.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, September 24 2020. 17:58 IST