|Issue Date||29/09 - 01/10|
|Issue Size||₹3000.00 Cr|
|Issue Price||₹552 - 554|
|Market Lot||27 Shares|
|Shares on Offer||38,987,081|
|GMP||₹35 - 40|
|Subject to Sauda||₹800|
|Listing Date||12 Oct 2020|
They are the seventh largest asset management company in India in terms of mutual fund QAAUM as of September 30, 2019, according to CRISIL. With more than 11 million Live Folios as of September 30, 2019, their client base accounts for 12.8% of the approximately 86 million folios that, according to CRISIL, are managed by the Indian mutual fund industry. Their history and track record in the mutual fund industry, strong brand recognition, distribution reach, performance and client relationships provide a platform for future growth.
They are a professionally managed company led by their Board of Directors and a dedicated and experienced management team. For purposes of the SEBI Mutual Fund Regulations, their ftheir sponsors are the State Bank of India (“SBI”), Life Insurance Corporation of India (“LIC”), Punjab National Bank (“PNB”) and Bank of Baroda (“BOB”) (collectively, the “Sponsors”), each of which has the Government of India as a majority shareholder. T. Rowe Price Group, Inc., a global asset management company, is their other major shareholder (through its subsidiary T. Rowe Price International Ltd. (“TRP”)).
They have a national footprint and offer their schemes through a diverse range of distribution channels. As of September 30, 2019, their distribution network includes 163 UTI Financial Centres (“UFCs”), 273 Business Development Associates (“BDAs”) and Chief Agents (“CAs”) (46 of whom operate Official Points of Acceptance (“OPAs”)) and 33 other OPAs, most of which are in each case located in B30 cities. Their IFAs channel includes approximately 51,000 Independent Financial Advisors (“IFAs”) as of September 30, 2019.
UTI Asset Management Company has filed draft red herring prospectus with markets regulator the Securities and Exchange Board of India (SEBI) to raise funds through initial public offer.
The public issue consists of an offer for sale by shareholders including State Bank of India, Bank of Baroda, LIC, Punjab National BankNSE -2.47 % and T Rowe Price.
The first three shareholders will sell 10,459,949 shares each, while the other two will offload 3,803,617 shares each.
Media reports peg the IPO size at around Rs 3,800-4,800 crore, which would value the asset manager at around Rs 12,000-15,000 crore.
UTI AMC is the seventh-largest asset management company in India in terms of mutual fund QAAUM (quarterly average assets under management) as of September 30, according to CrisilNSE -1.94 %.
SBI, LIC, PNB and BoB each hold 18.5 per cent stake in the asset manager, while the remaining stake is held by US-based T Rowe Price.
UTI AMC manages 178 domestic mutual fund schemes, comprising equity, hybrid, income, liquid and money market funds as of September 30.
It manages the domestic mutual funds of UTI Mutual Fund, provide portfolio management services (PMS) to institutional clients and high net worth individuals (HNIs), and manage retirement funds, offshore funds and alternative investment funds.
Kotak Mahindra Capital Company, Axis Capital, Citigroup Global Markets India, Bank of America Securities, ICICI Securities, JM Financial and SBI Capital Markets are the bankers to the issue.
The asset manager will be the third in the industry after Reliance Nippon Life Asset Management and HDFC Asset Management to go public.
CRISIL projects QAAUM of the Indian mutual funds industry to grow at a CAGR of 17-19% between September 30, 2019 and March 31, 2024, reaching a total of Rs 54-58 lakh crore.
The ratings agency expects the key drivers of that growth to include the anticipated pick-up in economic growth, growing investor bases across geographies, higher disposable income levels and investable household surplus, increases in aggregate household and financial savings, increases in geographical penetration as well as better awareness, ease of investing, digitalisation, and perception of mutual funds as long-term wealth creators, driven in part by government initiatives.
|Total Assets (In ₹ Millions)|
|Total Revenue (In ₹ Millions)|
|Profit After Tax (PAT) (In ₹ Millions)|
|Date & Time||QIB||NII||RII||Total|
|Day 1 - 29 Sep 2020||0.00||0.06||0.51||0.27|
|Day 2 - 30 Sep 2020||0.48||0.35||1.15||0.79|
|Day 3 - 01 Oct 2020||3.34||0.93||2.32||2.31|
Please click the link below to check the IPO allotment status.IPO Allotment Status
UTI Asset Management Company Ltd IPO will open on 29/09 and close on 01/10.
UTI Asset Management Company Ltd IPO will list on 12 Oct 2020.
The offer price of UTI Asset Management Company Ltd IPO is ₹552 - 554.
The lot size of UTI Asset Management Company Ltd IPO is 27.
The Grey Market Premium (GMP) price of UTI Asset Management Company Ltd IPO is ₹35 - 40.
The Kostak price of UTI Asset Management Company Ltd IPO is ₹350.
The Subject to Sauda price for UTI Asset Management Company Ltd IPO is ₹800.
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