UTI AMC IPO to open this week: Brokerages' take, tentative listing date, other key things to know

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UTI AMC IPO will remain open for subscription from September 29-October 1.
UTI Asset Management Company (AMC), the second-largest asset management company in terms of total AUM and eighth-largest AMC in quarterly AUM, is set to hit the primary market on September 29. The company has fixed a price band of Rs 552-554 per share for its IPO, which will open for public subscription on September 29. The public offer will close on October 1.This will be the third AMC to get listed on the stock exchanges after Nippon Life India Asset Management (NAM) and HDFC AMC. The bidding for anchor investors would open on September 28.Here are the top things you should know before subscribing the issue:The IPO comprises sale of 3,89,87,081 equity 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.At present, SBI, LIC, PNB and Bank of Baroda hold 18.24 per cent stake each in UTI AMC . The US-based T Rowe Price owns 26 per cent stake in the company. The company has also reserved 2 lakh equity shares for its eligible employees.The company has fixed a price band of Rs 552-554 a share for its upcoming public offer. At the upper end of the price band, the IPO would fetch Rs 2,160 crore.SBI Capital Markets, Kotak Mahindra Capital, Citigroup Global Markets, Axis Capital, ICICI Securities and JM Financial are the book running lead managers to the offer.Investors can subscribe to the initial public offering (IPO) by betting for a lot of 27 shares or in multiples thereof. This means that one will have to shell out at least Rs 14,904 to bid for the issue.The objects of the IPO are to achieve the benefits of listing the equity shares on the stock…
Rahul Oberoi
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