Aditya Birla Sun Life AMC IPO to open today; sets price band at ₹695-712/share
It was decided to allot 1,10,80,800 shares to anchor investors at ₹712 apiece, valuing the aggregate transaction at ₹788.95 crore, according to a circular uploaded on the BSE website.
The three-day initial public offering (IPO) of Aditya Birla Sun Life AMC will open for subscription on Wednesday. The company had announced in a virtual press conference last week that the IPO will remain open will October 1. It has fixed a price band of ₹695-712 per share for its over ₹2,768-crore initial share sale.
Aditya Birla Sun Life AMC on Tuesday said it has collected ₹789 crore from anchor investors ahead of its initial share sale. It is an offer for sale, wherein two promoters - Aditya Birla Capital and Sun Life (India) AMC Investments - will divest their stake in the asset management firm.
It was decided to allot 1,10,80,800 shares to anchor investors at ₹712 apiece, valuing the aggregate transaction at ₹788.95 crore, according to a circular uploaded on the BSE website.
The IPO of up to 3.88 crore equity shares comprises an offer for sale of up to 28.51 lakh equity shares by Aditya Birla Capital and up to 3.6 crore equity shares by Sun Life AMC. The proposed sale of equity shares by Aditya Birla Capital and Sun Life India in the IPO will together constitute up to 13.50 per cent of the paid-up share capital of Aditya Birla Sun Life AMC. At the upper end of the price band, the initial share-sale is expected to fetch ₹2,768.25 crore.
ICICI Prudential Mutual Fund (MF), SBI MF, SBI Life Insurance Co Ltd, Axis MF, UTI MF BNP Paribas Arbitrage, Max Life Insurance Company and HSBC Global Investment Funds are among the anchor investors.
Investors can bid for a minimum of 20 equity shares and in multiples of 20 equity shares thereafter. The company, which had filed preliminary IPO papers with Sebi in April, obtained its clearance in August.
