HDFC Asset Management Company(AMC), the subsidiary of Housing Development Finance Corporation, has decided to launch its initial public offer(IPO) on July 25.
The offer will remain open till July 27.
The company is aiming to raise Rs 2,800 crore through the public issue and the price band is fixed at Rs 1,095 to Rs 1,100 per share. Bids can be made for a minimum lot of 13 equity shares and in multiples of 13 equity shares.
This will be the 5th listing within the HDFC group, said Deepak Parekh, chairman of HDFC.
"We have always believed that listing best reflects the value we have created in our key subsidiary and associate companies over the years," said Parekh in his statement.
"HDFC, along with Standard Life Investments has nurtured HDFC AMC for 18 long years and based on the way we envisage India’s future, we thought the time was apt to list the AMC," he added.
In March, the board of directors of HDFC had approved offering up to 85,92,970 equity shares of Rs 5 each of HDFC AMC representing 4.08 percent of its then existing issued and paid-up equity share capital, by way of an offer for sale in the proposed IPO of HDFC AMC.