UTI AMC sets IPO price band at Rs 552-554

UTI AMC

UTI Asset Management Company on September 24 fixed at Rs 552-554 per share the price band for its initial public offering (IPO) that is set to open on September 29. The IPO will close on October 1.

The bidding for the anchor book will open and close on September 28.

The public issue will consist of an entire offer for sale of 3,89,87,081 equity shares by State Bank of India (SBI), Life Insurance Corporation of India (LIC), Punjab National Bank, Bank of Baroda and T Rowe Price International.

SBI, LIC and Bank of Baroda will divest 1,04,59,949 equity shares each, while PNB and T Rowe Price International are going to sell 38,03,617 equity shares each via public offer. The total offer constitutes at least 30.75 percent of total paid-up equity.

The company plans to raise Rs 2,152-2,160 crore in a price band of Rs 552 – 554 per share . One can bid for a minimum of 27 equity shares and in multiples of 27 shares thereafter.

The 50 percent portion of the public issue has been fixed for qualified institutional buyers, 15 percent for non-institutional investors and the remaining 35 percent has been set aside retail investors. The company has also reserved 2 lakh equity shares for its eligible employees.

Equity shares are to be listed on the BSE and the National Stock Exchange.

Kotak Mahindra Capital Company, Axis Capital, Citigroup Global Markets India, DSP Merrill Lynch, ICICI Securities, JM Financial and SBI Capital Markets are the book running lead managers to the issue.

It will be tenth IPO to launch in 2020 after SBI Card, Rossari Biotech, Mindspace Business Parks REIT, Happiest Minds Technologies, Route Mobile, Compute Age Management Services, Chemcon Speciality Chemicals, Angel Broking and Likhitha Infrastructure.

News Source:- moneycontrol

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