UTI AMC set to go public with Rs. 3,000-cr issue

UTI Asset Management Company (UTI AMC) is planning to launch its Rs. 3,000-crore initial public offering (IPO) on September 29. The IPO is a pure offer for sale (OFS). State Bank of India, Life Insurance Corporation of India (LIC), Punjab National Bank, Bank of Baroda, and T Rowe Price International are selling shares. The issue will close on October 1, and the details of the price band are not known. The IPO includes a reservation of up to 200,000 shares to eligible employees. The offer constitutes 30.75 per cent of the post paid-up capital of the company.

Kotak Mahindra Capital, Axis Capital, Citigroup Global Markets India, DSP Merrill Lynch, ICICI Securities, JM Financial, and SBI Capital Markets are the book-running lead managers to the issue. UTI AMC is the second-largest asset management company in India in terms of total assets under management (AUM). The company caters to individual and institutional investors through a wide variety of funds and services.