UTI AMC IPO Sees 27% Subscription On Day One Of Share Sale
UTI AMC IPO received bids for 73,02 lakh shares against book size of 2.73 crore shares.
The initial public offering of UTI Asset Management Co. Ltd. was subscribed 27% on the first day of bidding Tuesday.
The UTI AMC IPO, which aims to raise as much as Rs 2,160 crore by issuing shares in a price band of Rs 552-554 apiece, received bids for 73,02,609 shares against the book size of 2,73,50,957 shares. The portion reserved for non-institutional investors was subscribed 6% and those for retail individual investors 51%.
UTI AMC raised Rs 645 crore from anchor investors on Monday.
The IPO comprises sale of 3,89,87,081 shares, or 30.75% stake held by the existing shareholders. State Bank of India, Life Insurance Corporation of India and Bank of Baroda are selling 1,04,59,949 shares each. Punjab National Bank and T Rowe Price International are offloading 38,03,617 shares each.
UTI AMC would be the third mutual fund to get listed in India after Nippon Life India Asset Management Ltd. and HDFC Asset Management Co. Ltd.
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Kotak Mahindra Capital, Axis Capital, Citigroup Global Markets India, DSP Merrill Lynch, ICICI Securities, JM Financial, and SBI Capital Markets are the managers to the offer. Shares of the company are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange.