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Reliance Nippon Life AMC eyes Rs 1,542 cr from IPO

Press Trust of India  |  Mumbai 

Nippon Life Asset Management expects to raise Rs 1,542 crore through initial public offer later this month, with the company fixing a price band of Rs 247-252 per share.

The IPO will open for subscription from October 25-27, Capital said in a regulatory filing.

The Anil Ambani-led Group firm's IPO will be the first by an asset management company (AMC) in though smaller rival UTI Mutual Fund's offer plans have also been in the works for a long time.

The public issue comprises fresh issuance of 2.45 crore shares, besides an offer for sale of 3.67 crore by and Nippon Life Company.

and Nippon Life will each dilute 3 per cent stake.

The IPO size will be around 10 per cent of the post issue paid-up capital of the company.

According to the filing, the IPO will open on October 25 with a "price band of Rs 247-252 per equity share".

At the upper end of the price band, the share sale would garner Rs 1,542.42 crore.

"It is a moment of pride and honour for us to at Reliance Nippon Life to be the first in the country to come out with an IPO of an asset management company," the company's ED and CEO Sundeep Sikka said.

Addressing a press meet here, he said it is one of the largest asset management companies in and believes in focusing on profitability.

"We aim to create value for our shareholder, in the same manner like our mutual fund unit holders... We have already doubled digital transactions to 21 per cent now and hope to continue to be on the growth front," Sikka said.

Jointly owned by Japan's Nippon Life and Reliance Capital, the firm is the asset manager to Reliance Mutual Fund.

JM Financial, CLSA, Nomura and Axis Capital are the global coordinators and book running lead managers for the initial share sale.

Earlier this week, group firm Reliance General filed draft papers with Sebi for an IPO.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, October 12 2017. 17:32 IST