UTI AMC IPO to open on September 29, price band fixed at Rs 552 - Rs 554

The much-awaited initial public offer (IPO) of UTI Asset Management Company, one of the leading asset management companies (AMCs) in India, is set to open on September 29. The offer is proposed to close on October 1, 2020. The price band of the offer has been fixed at Rs 552 to Rs 554 per equity share. 

"The public offer consists of 38,987,081 equity shares by the "Selling Shareholders" which comprises an offer for sale (OFS) of up to 10,459,949 shares by State Bank of India (SBI), up to 10,459,949 equity shares by Life Insurance Corporation of India (LIC), up to 10,459,949 shares by Bank of Baroda (BoB), up to 3,803,617 shares by Punjab National Bank (PNB) and up to 3,803,617 Equity Shares by T. Rowe Price International Ltd.(TRP)," the company said in its press release. 

At the upper price band of the offer, the issue size stands at Rs 2,159 crore. 

Bids can be made for a minimum of 27 equity shares and in multiples of 27 equity shares thereafter. 

Kotak Mahindra Capital Company Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited, DSP Merrill Lynch Limited, ICICI Securities Limited, JM Financial Limited and SBI Capital Markets Limited are the book running lead managers to the Offer (“BRLMs”).

UTI AMC is the second largest asset management company in India in terms of total assets under management (AUM) and the eighth largest asset management company in India in terms of mutual fund QAAUM (Quarterly Average Assets Under Management) as of June 30, 2020, according to CRISIL, the press release added.