The proposed initial public offering (IPO) of Reliance Nippon Life Asset Management (RNAM), the country’s leading assets manager, could trigger further consolidation in the Rs 20-lakh crore mutual fund (MF) industry. The IPO, expected before the end of this fiscal year, is looking to raise over Rs 700 crore, part of which will be used for inorganic growth. Of the issue proceeds, RNAM, which is the asset manager for Reliance Mutual Fund, has earmarked Rs 165 crore for “inorganic growth and strategic initiatives”, the company has said in its draft.
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