Ahead of IPO, UTI AMC raises Rs 645 crore through anchor allotment

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Mumbai: UTI Asset Management Co (AMC) said on Monday it had raised nearly Rs 644.64 crore through allotment to anchor investors, a day before the scheduled opening of its initial public offer (IPO).

The asset manager allocated 1,16,36,124 equity shares to 67 anchor investors at the upper price band of Rs 552-554.

The anchor investors included Nomura (Singapore), Goldman Sachs (Singapore), Morgan Stanley Asia (Singapore), ICICI Prudential Mutual Fund and HDFC Mutual Fund, among others.

The IPO aims to garner up to Rs 2,160 crore. State Bank of India, Life Insurance Corporation of India and Bank of Baroda will sell up to 1,04,59,949 equity shares each via public issue, while Punjab National Bank and T Rowe Price International (TRP) will divest up to 38,03,617 equity shares each.

UTI AMC, the second-largest asset management company in terms of total AUM and eighth-largest AMC in the quarterly AUM, is set to hit the primary market on September 29. The public offer will close on October 1.

This will be the third AMC to get listed on the stock exchanges after Nippon Life India Asset Management (NAM) and HDFC AMC.

SBI Capital Markets, Kotak Mahindra Capital, Citigroup Global Markets, Axis Capital, ICICI Securities and JM Financial are the book running lead managers to the offer.



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