UTI AMC's Rs 2,160-cr IPO to open on Sep 29

Hyderabad: UTI Asset Management Company (AMC) on Thursday fixed a price band of Rs 552-554 per share for its initial public offering (IPO), that will open for public subscription on September 29.

The IPO would open for public subscription on September 29 and close on October 1. The bidding for anchor investors would open on September 28.

The company has fixed a price band of Rs 552-554 a share for its IPO, UTI AMC announced in a virtual press conference. At the upper end of the price band, the IPO would fetch Rs 2,160 crore. This will be the third AMC to get listed on the stock exchanges after Nippon Life India Asset Management and HDFC AMC. The IPO of UTI AMC comprises sale of 3,89,87,081 equity shares or 30.75 per cent stake by existing shareholders. State Bank of India (SBI), Life Insurance Corporation (LIC) and Bank of Baroda are offering to sell 1,04,59,949 shares each, while Punjab National Bank (PNB) and T Rowe Price International are going to offload 38,03,617 shares each.

At present, SBI, LIC, Punjab National Bank and Bank of Baroda hold 18.24 per cent stake each in UTI AMC. The US-based T Rowe Price owns 26 per cent stake in the company. The company has also reserved 2 lakh equity shares for its eligible employees.