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UTI AMC IPO subscribed 27 pc on day one

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New Delhi, Sep 29 (PTI) The initial public offer of UTI Asset Management Company was subscribed 27 per cent on the first day of bidding on Tuesday.

UTI AMC initial public offer (IPO) received bids for 73,02,609 shares against the book size of 2,73,50,957 shares.

The portion reserved for non institutional investors was subscribed 6 per cent and those for retail individual investors (RIIs) 51 per cent.

UTI AMC raised Rs 645 crore from anchor investors on Monday.

The IPO of UTI AMC comprises sale of 3,89,87,081 shares or 30.75 per cent stake by existing shareholders.

State Bank of India (SBI), Life Insurance Corporation (LIC), and Bank of Baroda are offering to sell 1,04,59,949 shares each, while Punjab National Bank (PNB) and T Rowe Price International are going to offload 38,03,617 shares each.

Price range for the offer, which closes for bidding on Thursday, has been fixed at Rs 552-554 per share.

At the upper end of the price band, the IPO would fetch Rs 2,160 crore.

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

Kotak Mahindra Capital Company, Axis Capital, Citigroup Global Markets India, DSP Merrill Lynch, ICICI Securities, JM Financial, and SBI Capital Markets are the managers to the offer.

Shares of the company are proposed to be listed on BSE and NSE. PTI SUM RUJ RUJ