Mumbai: HDFC Asset Management Co. on Thursday filed with Sebi its draft papers for an initial public offering (IPO).
The HDFC AMC IPO, if approved by the Securities and Exchange Board of India (Sebi), will offer up to 2.54 crore equity shares of through an offer for sale of 85.92 lakh shares by Housing Development Finance Corp. Ltd (HDFC) and up to 1.68 crore shares by Standard Life Investments Ltd, the company’s draft red herring prospectus (DRHP) said.
HDFC AMC is a joint venture between HDFC and Standard Life Investments. The IPO comprises a net offer to public of up to 2.21 crore equity shares, 3.20 lakh shares for purchase by eligible HDFC AMC employees and 24 lakh shares for eligible HDFC shareholders.
As per the DRHP, HDFC AMC “will not receive any proceeds from the offer and all the proceeds will be received by the selling shareholders, in proportion to the equity shares offered by the respective selling shareholders as part of the offer".
Nomura Financial Advisory and Securities (India) Pvt. Ltd, Kotak Mahindra Capital Ltd, Axis Capital Ltd, Bank of America Merrill Lynch, Citigroup Global Markets India, CLSA India Ltd, HDFC Bank Ltd, ICICI Securities Ltd, IIFL Holdings Ltd, JM Financial Ltd, JP Morgan India and Morgan Stanley India are the book-running lead managers.
Karvy Computershare is the registrar to the HDFC AMC IPO.
HDFC AMC has total asset under management (AUM) of Rs293 trillion as of 31 December. The company’s total revenue stood at Rs15,879.10 crore in FY17, with a compounded annual average growth rate (CAGR) of 19.3%. Its net profit stood at Rs5,502.46 crore during the same period, registering an annual growth of 14.6%.