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Choice Equity Broking IPO report on Aditya Birla Sun Life AMC

Aditya Birla Sun Life AMC Ltd. (ABAMC) - the country’s largest nonbanking affiliated fund house is coming up with an IPO to raise Rs. 2,770cr, which opens on 29th Sept. and closes on 1st Oct. 2021. The price band is Rs. 695 - 712 per share. The company is promoted by Aditya Birla Capital Ltd. (ABCL) and Sun Life (India) AMC Investments Inc. The issue consists of only OFS portion. As a result, the company will not receive any proceeds from it.

Valuation and Outlook

Moreover, based on FY24E earnings, the stock is demanding a P/E valuation of 29.4x, which seems to be attractive for a company with a RoE excess of 25%. Thus considering the above observations, we assign a “SUBSCRIBE” rating for the issue.

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