Aditya Birla Sun Life AMC, promoted by Aditya Birla Capital and Sun Life (India) AMC Investments Inc, has decided to launch its maiden public offer for subscription on September 29. The price band for the offer has been fixed at Rs 695-712 per equity share.
The company will offer 3,88,80,000 equity shares through its public issue. It is an entirely offer for sale (OFS) issue by promoters. Aditya Birla Capital will sell more than 28.5 lakh shares and Sun Life (India) AMC Investments Inc will offload more than 3.6 crore equity shares through offer for sale.
The offer includes a reservation of 19.44 lakh equity shares for Aditya Birla Capital shareholders.
The offer will close on October 1. Anchor book, if any, will open for a single day on September 28, a day before the issue opening.
Moneycontrol reported first on September 23 that the issue is expected to be priced at Rs 695-Rs 712/share.
Aditya Birla Sun Life AMC plans to raise Rs 2,768.25 crore through its public issue. Since it is entirely and OFS issue, the proceeds from the issue will go to the selling shareholders and the company will not receive any funds from the offer.
Investors can bid for a minimum 20 equity shares and in multiples of 20 shares thereafter. The minimum investment by retail investor would be Rs 14,240 for single lot and the maximum would be Rs 1,99,360 for 14 lots.
Half of the offer is reserved for qualified institutional buyers, 35 percent for retail investors and the remaining 15 percent for non-institutional investors.
Currently it is fully owned by two promoters - Aditya Birla Capital holds 51 percent stake and the rest 49 percent is held by Sun Life AMC.
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Aditya Birla Sun Life AMC is ranked as the largest non-bank affiliated AMC in India by QAAUM (quarterly average assets under management) since March 2018, and among the four largest AMCs in India by QAAUM since September 2011, according to the CRISIL Report.
The company managed total AUM of Rs 2,93,642 crore under its suite of mutual fund (excluding domestic fund-of-funds (FoFs)), portfolio management services, offshore and real estate offerings, as of June 2021.
HDFC Asset Management Company, Nippon Life India Asset Management, and UTI Asset Management Company are some of the leading peers for Aditya Birla Sun Life AMC.
Kotak Mahindra Capital Company, BofA Securities India, and Citigroup Global Markets India are the global co-ordinators and book running lead managers to the issue. Axis Capital, HDFC Bank, ICICI Securities, IIFL Securities, JM Financial, Motilal Oswal Investment Advisors, SBI Capital Markets, and YES Securities (India) are the merchant bankers to the offer.