UTI MF set to be first domestic asset management company to bring an IPO

Key stakeholders like SBIon board; LIC also gives conditional approval

The initial public offering (IPO) of the UTI Mutual Fund (UTI MF) — the first by a domestic asset management company (AMC) — could soon be a reality, with key stakeholders, including the State Bank of India (SBI), finally coming on the same page.

The listing plan of the country’s sixth-largest fund house had hit a block, with the SBI and the Life Insurance Corporation of India (LIC) trying to wrest control over the AMC. Other stakeholders — the Bank of Baroda (BoB), the Punjab National Bank (PNB) and the T Rowe Price Group — had no qualms with the