Mutual fund manager UTI AMC (UTI Asset Management Co. Ltd) is planning to launch its ₹3,000 crore IPO (initial public offering) in the week of 14 September, as the company’s existing shareholders look to tap the recovery in the IPO market.
A person who is advising the company on its IPO plans, requesting anonymity as he is not authorized to speak with the media said to The Mint,“The plan is to launch the deal in the week of 14 September, though final dates are yet to be frozen as there is a lot of supply hitting in the IPO market this month,”
Several other companies are also planning to hit the IPO market this month. Two companies – Happiest Minds Technologies Ltd & Route Mobile Ltd, have already announced the dates for their initial share sale.
Last month, markets regulator Securities and Exchange Board of India penalized three state-owned financial companies, including SBI (State Bank of India), LIC (Life Insurance Corporation of India) and BoB (Bank of Baroda), charging them with a fine of ₹10 lakh each, for failing to reduce their stakes in UTI AMC.
