Aditya Birla Sun Life AMC initial public offering (IPO) will start subscriptions next week on September 29, and the three-day public issue will end on October 1. The price line of the primary share sale has been fixed at Rs. 695 to 712 per share.
Aditya Birla Sun Life AMC Ltd (ABSLAMC), the investment manager of Aditya Birla Sun Life Mutual Fund, is a shared enterprise between Aditya Birla Group and Sun Life Financial Inc of Canada. The IPO of up to 3.88 crore equity shares comprises an offer for sale of 28.51 lakh investment shares by Aditya Birla Capital and 3.6 crore investment shares by Sun Life AMC. The proposal includes retaining 1,944,000 investment shares for subscription by Aditya Birla Capital Limited (ABCL) stockholders.
Investors can offer a minimum of 20 investment shares and multiples of 20 parts after that. 50% of the offer is reserved for qualified institutional buyers (QIBs), whereas 35% and 15% are for retail investors and non-institutional investors (NIIs) individually.
The merchant bankers to the issue are Kotak Mahindra Capital Company, BofA Securities, Citigroup Global Markets India, Axis Capital, HDFC Bank, ICICI Securities, IIFL Securities, JM Financial, Motilal Oswal Investment Advisors, SBI Capital Markets, and YES Securities (India) Limited.
In June, SEBI had kept the suggested primary share-sale of Aditya Birla Sun Life AMC in “abeyance”. However, the regulator had not revealed the judgment for the same.
ABSLAMC succeeded a total AUM of ₹2,936.42 billion under its set of mutual funds (except its domestic FoFs), portfolio management services, offshore and real estate contributions as of June 30, 2021. The company operated 112 mutual fund schemes. ABSLAMC gives portfolio management services, offshore funds and alternative investments.