IPO of Aditya Birla Sun Life AMC will open for subscription on Wednesday (September 29) and conclude on Friday (October 1). The AMC said it has fixed a price band of Rs 695-712 a share.
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 3.60 crore shares and Aditya Birla Capital plans to offload 28.51 lakh equity shares.
Back of the envelope calculation shows that the AMC is valued at Rs.20.000 crore. The AMC plans to raise Rs.2766 crore through the IPO, which is 13.5% of its total valuation.
Investors can bid for a minimum 20 equity shares and in multiples of 20 shares thereafter. 50% of the offer is reserved for qualified institutional buyers (QIBs) whereas 35% and 15% are meant for retail investors and non-institutional investors (NIIs) respectively.
ABSL MF will become the fourth AMC to get listed on exchanges if the IPO sails through. At present, there are only three listed mutual fund players in India. They are HDFC AMC, Nippon India AMC and UTI AMC.
