In 1st for MF, Rel Nippon to launch Rs 1542cr IPO

Cornelia Mascio
Ottobre 13, 2017

Reliance Nippon Life Asset Management's initial public offering on India's National Stock Exchange and the Bombay Stock Exchange will open for subscriptions in late October, with the listings set for early November.

The IPO consists of a fresh issue of up to 24.48 mln shares and an offer for sale of up to 36.72 mln shares by Reliance Capital Limited and Nippon Life Insurance Company.

Reliance Nippon AMC will also issue fresh shares worth Rs 617 crore.

Promoters - Reliance Capital and Nippon Life Insurance Company hold 46.57 percent and 49 percent stake in the company, which would be reduced to 42.88 percent each, respectively post issue.

The offer shall constitute 10.00% of the post-offer paid-up equity share capital of the company. The anchor investor bidding will be on October 24.

The IPO consists of a fresh issue of almost 2.45 crore equity shares, along with an offer for sale of up to 3.67 crore shares by Reliance Capital, the Anil Ambani-led financial services firm, and Nippon Life Insurance of Japan. Bids can be made for a minimum of 59 shares and multiples of 59 thereafter. The company will not receive any money from the offer for sale.

It is involved in managing mutual funds (including ETFs); managed accounts, including portfolio management services, alternative investment funds (AIFs) and pension funds; and offshore funds and advisory mandates. "And we believe that going forward will keep adding to the growth of the company", said Sundeep Sikka, chief executive officer and executive director of the company.

SBI Life, CICI Lombard, BSE, HUDCO, CDSL, Avenue Supermarts, Shankara Building Products, S Chand and Company, and Cochin Shipyard are some of the companies that have completed their IPO in the last nine months.

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