Citigroup Inc. and ICICI Securities Ltd. are among banks selected for UTI Asset Management Co.’s planned initial public offering (IPO) in Mumbai, according to people familiar with the matter.
HSBC Holdings Plc., SBI Capital Markets Ltd. and Kotak Mahindra Bank Ltd. are also picked to arrange the Indian mutual fund’s share sale, said the people, who asked not to be identified as the information is private. The offering could raise about ₹2,600 crore ($366 million), the people said.
