Aditya Birla Sun Life AMC IPO to open on Sep 29; sets price band at Rs 695-712 /share

Aditya Birla Sun Life AMC has fixed a price band of Rs 695-712 a share for its over Rs 2,768-crore initial share-sale.

Aditya Birla Sun Life AMC IPO to open on September 29.

Updated: Fri, Sep 24, 2021
01:42 pm

New Delhi, PTI

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Aditya Birla Sun Life AMC on Friday said it has fixed a price band of Rs 695-712 a share for its over Rs 2,768-crore initial share-sale.

The three-day initial public offering (IPO) will open for subscription on September 29 and conclude on October 1, the company announced in a virtual press conference.

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The initial share-sale is entirely an offer for sale, wherein two promoters -- Aditya Birla Capital and Sun Life (India) AMC Investments -- will divest their stake in the asset management firm.

The IPO of up to 3.88 crore equity shares comprises an offer for sale of up to 28.51 lakh equity shares by Aditya Birla Capital and up to 3.6 crore equity shares by Sun Life AMC.

The proposed sale of equity shares by Aditya Birla Capital and Sun Life India in the IPO will together constitute up to 13.50 per cent of the paid-up share capital of Aditya Birla Sun Life AMC.

At the upper end of the price band, the initial share-sale is expected to fetch Rs 2,768.25 crore.

Aditya Birla Sun Life AMC, the investment manager of Aditya Birla Sun Life Mutual Fund, is a joint venture between the Aditya Birla Group and the Sun Life Financial Inc of Canada.

Asset management firms like Nippon Life India Asset Management, HDFC AMC and UTI AMC are already listed on the stock exchanges.

Aditya Birla Sunlife MF, the fourth largest fund house, had an average assets under management of Rs 2.93 lakh crore as of June quarter. At present, it manages 118 schemes.

Since its inception in 1994, the fund house has established a geographically diversified pan-India distribution presence covering 284 locations spread over 27 states and six union territories.

by Taboola