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Mutual fund house Aditya Birla Sun Life AMC Ltd on Friday said its initial public offering (IPO) will open on 29 September, where its promoters will sell shares to raise up to 2,768.25 crore. The IPO will close on 1 October.

Aditya Birla Sun Life is the largest among India’s mutual funds not affiliated to a bank.

The IPO, which is a pure offer for sale by joint venture partners Aditya Birla Capital Ltd and Sun Life (India) AMC Investments Inc., will be priced at 695-712 per share, the firm said. Collectively, the two shareholders are selling a total of 38.88 million shares.

The offer for sale comprises the sale of up to 2.85 million shares by Aditya Birla Capital and up to 36.02 million shares by Sun Life.

The share sale will result in an equity dilution of 13.5% for existing shareholders.

As of 30 June, the mutual fund company managed 118 schemes comprising 37 equity schemes (including diversified, tax-saving, hybrid and sector schemes), 68 debt schemes (including ultra short-duration, short-duration and fixed-maturity schemes), two liquid schemes, five ETFs (exchange-traded funds) and six domestic FoFs (fund of funds).

The company’s flagship schemes include Aditya Birla Sun Life Frontline Equity Fund and Aditya Birla Sun Life Corporate Bond Fund.

The fund house’s total quarterly average assets under management (excluding domestic FoFs) stood at 2.75 trillion as of 30 June.

Its outstanding systematic investment plans (SIPs) have more than tripled from 860,000 as of 31 March 2016 to 2.8 million as of 30 June.

Correspondingly, its assets under management from SIPs grew from 8,523 crore (representing 25.70% of its total equity-oriented mutual fund AUM) as of 31 March 2016 to 45,692 crore (representing 41.70% of its total equity-oriented mutual fund AUM) as of 30 June 2021.

The AMC, which had filed preliminary IPO papers with Sebi in April, obtained its clearance in August.

Kotak Mahindra Capital, BofA Securities India and Citigroup Global Markets India are managing the share sale.

Asset management firms such as Nippon Life India Asset Management, HDFC AMC and UTI AMC are already listed on the stock exchanges.

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