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Aditya Birla Sun Life AMC initial public offering (IPO) will open for subscription next week on September 29 and the three-day public issue will conclude on October 1. The price band of the initial share sale has been fixed at ₹695 to 712 per share.
The IPO of up to 3.88 crore equity shares comprises an offer for sale of up to 28.51 lakh equity shares by Aditya Birla Capital and up to 3.6 crore equity shares by Sun Life AMC. The offer includes a reservation of up to 1,944,000 equity shares, for subscription by Aditya Birla Capital Limited (ABCL) shareholders.
As per market observers, Aditya Birla Sun Life's IPO grey market premium (GMP) is at around ₹48. The grey market is an unofficial platform, wherein trading starts after the announcement of IPO price band till the listing of IPO shares.
Investors can bid for a minimum 20 equity shares and in multiples of 20 shares thereafter. 50% of the offer is reserved for qualified institutional buyers (QIBs), whereas rest 35% and 15% for retail investors and non-institutional investors (NIIs) respectively.
Kotak Mahindra Capital Company, BofA Securities, Citigroup Global Markets India, Axis Capital, HDFC Bank, ICICI Securities, IIFL Securities, JM Financial, Motilal Oswal Investment Advisors, SBI Capital Markets and YES Securities (India) Limited are the merchant bankers to the issue.
Earlier in June, Sebi had kept the proposed initial share-sale of Aditya Birla Sun Life AMC in "abeyance". However, the regulator had not disclosed the reason for the same.
Aditya Birla Sun Life AMC Ltd (ABSLAMC), the investment manager of Aditya Birla Sun Life Mutual Fund, is a joint venture between Aditya Birla Group and Sun Life Financial Inc of Canada.
ABSLAMC managed total AUM of ₹2,936.42 billion under its suite of mutual fund (excluding its domestic FoFs), portfolio management services, offshore and real estate offerings, as of June 30, 2021. The company managed 112 mutual fund schemes. ABSLAMC provides portfolio management services, offshore funds and alternative investments.
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