Aditya Birla Sun Life Asset Management Company is all set to become the fourth listed mutual fund player in India. Markets regulator SEBI has given its final go ahead to the company to launch its IPO.
The AMC is yet to announce the timeline for IPO launch.
The fund house had filed its draft red herring prospectus (DRHP) with the markets regulator in April this year with a plan to sell up to 3.88 crore equity share. According to reports, the share sale could fetch Rs 1,500 to 2,000 crore for the fund house at a valuation of nearly Rs 15,000 crore.
Through the IPO, the two promoters — Aditya Birla Capital and Sun Life (India) AMC Investments — will divest part of their stake in the company. Sun Life AMC is looking to sell up to 3.6 lakh shares and Aditya Birla Capital plans to offload 28.51 lakh equity shares.
Currently, Aditya Birla Capital holds a 51% stake and Sun Life has a 49% stake in the AMC. Following the IPO, the total promoter stake in the fund house will fall from 100% to 86.5%.
At present, there are only three listed mutual fund players in India. They are HDFC AMC, Nippon India AMC and UTI AMC.
