UTI Asset Management Company Set to Launch its First IPO Next Week

While SBI, LIC and Bank of Baroda will divest 1,04,59,949 equity shares each. PNB and T Rowe Price International are going to sell 38,03,617 equity shares each through the public offer.

The company plans to raise Rs 2,160 crore in a price band of Rs 552-554 per share. Fifty percent of the public issue has been fixed for institutional buyers, 15 percent for non-institutional buyers, while allotting the rest of 35 percent to retail investors. However, the company has also reserved 2 lakh equity shares for its eligible employees.

The book running lead managers to the issue are Citigroup Global Markets India, Kotak Mahindra Capital Company, Axis Capital, DSP Merrill Lynch, ICICI Securities, SBI Capital Markets and JM Financial. Equity shares of the company are to be listed on BSE and NSE.

The UTI Asset Management company’s announcement makes it the tenth IPO this year, after a slew of public offers by companies such as SBI Card, Rossari Biotech, Mindspace Business Parks REIT, Happiest Minds Technologies and Route Mobile.