UTI AMC, the country's largest asset management company in terms of total AUM, has filed draft red herring prospectus (DRHP) with the capital market regulator Securities & Exchange Board of India (Sebi) for initial public offering (IPO) to raise a little over Rs 3,000 crore.
The UTI AMC IPO of 3,89,87,081 shares, comprises of offer for sale of up to 1,04,59,949 shares by State Bank Of India, up to 1,04,59,949 shares by Life Insurance Corporation Of India, up to 1,04,59,949 shares by Bank Of Baroda, up to 3,803,617 shares by Punjab National Bank and up to 3,803,617 shares by T Rowe Price International, according to the DRHP.
The public offer is expected to raise a little over Rs 3,000 crore, market sources said.
The US-based T Rowe Price holds 26 percent stake in the asset management company.
Kotak Mahindra Capital, Axis Capital, CitiBank, DSP Merrill Lynch, ICICI Securities, JM Financial and SBI Capital Markets are the book running lead managers to the offer.
The shares of the company are proposed to be listed on the BSE and the NSE.
As of September 30, 2019, the company had the largest share of monthly average AUM.
First Published: IST