HDFC AMC's Rs 28 bn IPO to open on July 25 at Rs 1,095-1,100 per share

The IPO will value HDFC MF, which manages assets worth over Rs 3 trillion, at Rs 233 billion

The price band for the initial public offering (IPO) of HDFC Mutual Fund has been set at Rs 1,095 to Rs 1,100 per share. The three-day IPO will open for subscription on July 25, parent HDFC said in a statement on Tuesday. A total of 25.4 million shares belonging to HDFC and Standard Life are being put on the block in the IPO.

At the top-end, the issue size works out to Rs 28 billion. The IPO size is 20 per cent lower than widely-reported figure of Rs 30 billion.  The IPO will value HDFC MF, which manages assets