Aditya Birla Sun Life AMC IPO to open on Sept 29; price band fixed at Rs 695-712

Aditya Birla Sun Life AMC (ABSLAMC) will launch its initial public offering (IPO) for subscription on September 29. The company has fixed the price band of the initial share sale at Rs 695 to 712 per share.

ABSLAMC, the investment manager of Aditya Birla Sun Life Mutual Fund, is a joint venture between Aditya Birla Group and Sun Life Financial Inc of Canada. The three-day issue will close on October 1.

The IPO of up to 3,88,80,000 crore equity shares aims to garner a little over Rs 2,768 crore at the higher price band. The issue comprises an offer for sale (OFS) of up to 28.51 lakh equity shares by Aditya Birla Capital and up to 3.6 crore equity shares by Sun Life AMC.