UTI Asset Management Company filed for an initial public offering as India's top financial institutions look to sell shares in the nation's seventh-largest mutual fund.
State Bank of India, Bank of Baroda, Punjab National Bank and Life Insurance Corporation of India, along with T.Rowe Price International, UTI AMC's largest shareholder, will sell up to 3.9 crore shares or 30.75 percent stake in the IPO, according to the draft red herring prospectus.
Kotak Mahindra Capital Company Ltd., Axis Capital Ltd., Citigroup Global Markets India Pvt. Ltd., DSP Merrill Lynch Ltd., ICICI Securities Ltd., JM Financial Ltd. and SBI Capital Markets Ltd. are managers to the offer.
UTI AMC started as Unit Trust of India, the nation's first mutual fund, more than 55 years ago. As of Sept. 30, 2019, its total average assets under management for domestic mutual fund schemes stood at Rs 1.54 lakh crore. Other assets under management including portfolio management services and National Pension Scheme were Rs 6.25 lakh crore. The asset manager has a net worth of Rs 2,711.2 crore.
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