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Aditya Birla Sun Life AMC IPO To Open On Sept 29

The asset management arm of the Aditya Birla Group will open its initial public offering to raise Rs 2,768 crore on September 29 and the issue will close on October 1. The issue is a complete offer for sale by Aditya Birla Capital and Sun Life AMC.

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Aditya Birla Sun Life AMC, the asset management arm of Aditya Birla Group is set to launch its Initial Public Offering on September 29 and the issue will close on October 1. The price band of the issue is fixed at Rs 695-712 per equity share.

The company aims to raise Rs 2,768 crore at the upper band via sale of shares. The company is a joint venture between Aditya Birla Group and Sun Life Financial Inc of Canada. The offer is a complete offer for sale wherein Aditya Birla Capital will offload 28.51 lakh equity shares, whereas the Sun Life AMC will offload 3.6 crore equity shares.

A total of 50 per cent of the entire offer is reserved for Qualified Institutional Buyers (QIBs), 35 per cent for retail investors, and the rest 15 per cent for Non-Institutional Investors (NIIs). Investors can bid for a minimum of 20 shares and in multiples thereafter, as per the offer document.

As the offer is a complete sale by the existing shareholders, all the net proceeds of the issue will directly go to the shareholders of the company. The company will enter the listed space with companies like Nippon Life India Asset Management Company, UTI Asset Management Company, and HDFC Asset Management Company being its leading peers.

Being the largest Non-bank affiliated asset management company of the country, the company has managed to consequently increase its customer base and provide a well-diversified product portfolio and innovative schemes to its customers. As of June 2021, the company managed a total Asset Under Management (AUM) of Rs 2,93,642 crore under its suite of mutual fund (excluding domestic fund-of-funds (FoFs), portfolio management services, offshore and other real estate offerings.

The anchor book of the offer will open a day prior to the launch on September 28, said the management in a press meet.