Reliance Capital-Nippon AMC IPO to raise Rs 1500 cr

The Reliance Nippon IPO will be the first by an Indian mutual fund manager

The Reliance Nippon IPO will be the first by an Indian mutual fund manager

Reliance Nippon Life Asset Management is aiming to raise around Rs 1,542 crore from its initial public offering (IPO).

The firm, which is jointly owned by Reliance Capital and Japan's Nippon Life and is the asset manager to Reliance Mutual Fund, has fixed the price band at Rs 247-252 per share for the issue.

The issue will open on October 25 and close on October 27. Nippon Life's stake in the company will fall from 49% to 42.88% with the IPO. "It is a moment of pride and honour for us to at Reliance Nippon Life to be the first in the country to come out with an IPO of an asset management company", the company's ED and CEO Sundeep Sikka said. The IPO size would be around 10 per cent of the post issue paid-up capital of the company.

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The Anchor Investor Bidding will be held on October 24, 2017.

Bids can be made for minimum 59 equity shares and in multiples of 59 shares thereafter.

The initial public offering of up to 6.12 crore equity shares comprises a fresh issue of up to 2.448 crore shares by the company and an offer for sale up to 3.672 crore shares by the selling shareholders.

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The fund house will use the money mobilised from the IPO to set up new branches, upgrade IT system, brand building activities and lending to their subsidiary Reliance AIF, it said.

It is involved in managing mutual funds (including ETFs); managed accounts, including portfolio management services, alternative investment funds (AIFs) and pension funds; and offshore funds and advisory mandates.

The Reliance Capital-promoted company saw its revenues and profit after tax (PAT) rising at compound annual growth rates of 18.2 per cent and 15 per cent, respectively, over FY13-17. Listing gains and returns by newly listed companies as also the positive sentiment in the broader market are among the reasons attributed to the trend.

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