UTI AMC: Good long-term bet available at reasonable price
UTI being the second largest asset management company (AMC), on the basis of total AUM, and eighth largest, in terms of MF quarterly average assets as of June, will continue to be one of the key beneficiaries of the enduring growth in the mutual fund industry.
December 17, 2020 / 07:16 PM IST
UTI AMC | Mirae Asset Mutual Fund raised stake in the company to 5.003 percent from 4.984 percent earlier.
PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook
UTI AMC’s initial public offering (IPO) of Rs 2,160 crore is opening for subscription today. The issue entirely consists of an offer-for-sale from existing shareholders such as T. Rowe Price Group (global asset manager), LIC and public sector banks (SBI, PNB and BOB).
The primary market offer of the asset manager comes at a time when equity funds, for the first time in several years, have seen net outflows during the last two months. Moreover, rating agency CRISIL expects the...