UTI Asset Management Company IPO: Mumbai-based UTI Asset Management Company’s initial public offer was subscribed more than two times at the end of the final day of bidding on Thursday. The Rs 2,160-crore IPO of UTI AMC, which was open for subscription for three trading days starting September 29, included the sale of 30.75 per cent stake by existing shareholders. Shares of the company will be listed on stock exchanges BSE and NSE on October 12.
At the end of the third day of issue, 6.31 crore bids were made for UTI Asset Management Company shares under the IPO, NSE data shows, as against its issue size of 2.74 crore, marking a subscription of 2.31 times.
Shares under the UTI AMC public offer were available in a price range of Rs 552-554 per unit, in lots of 27 (up to 13 lots).
Incorporated in 2002, UTI Asset Management Company is the largest among its peers in terms of value of assets managed. The company manages equity, hybrid, income, liquid and money market funds.
It is the third AMC to go public, following Nippon Life India Asset Management and HDFC Asset Management Company. UTI Asset Management Company’s existing shareholders include State Bank of India (SBI), Life Insurance Corporation (LIC), Bank of Baroda, Punjab National Bank (PNB) and T Rowe Price International
UTI Asset Management Company is the 10th company to have launched its initial public offer so far this year.
Earlier, SBI Cards & Payment Services, Rossari Biotech, Mindspace Business Parks REIT, Happiest Minds Technologies, Route Mobile, Compute Age Management Services (CAMS), Chemcon Speciality Chemicals, Angel Broking and Likhitha Infrastructure had hit the country’s IPO market.