Top foreign bankers vie for India UTI MF IPO

Top foreign bankers vie for India UTI MF IPO

Mumbai: Goldman Sachs, JPMorgan, Lehman Brothers, Morgan Stanley and Merrill Lynch are in the race to manage an initial public offer (IPO) by UTI Mutual Fund, the Times of India reported today, citing market sources.

India’s Enam Securities, J.M. Financial, SBI Capital Markets and Kotak Mahindra Capital Co are also among 11 firms competing for the IPO, the paper said.

UTI Mutual Fund, which manages assets worth Rs450 billion ($11.5 billion) is likely to choose three to four firms within a month and file the prospectus for the IPO by December, it said.

UTI Mutual Fund officials were not available for comment.

State-run Bank of Baroda, State Bank of India, Punjab National Bank and Life Insurance Corp, which control UTI Mutual Fund, are likely to dilute their combined equity by half, media reports have said.