UTI AMC appoints ICICI Securities on advisory board for IPO
DSIJ Intelligence / 22 Dec 2016
Country’s oldest and sixth largest Asset Management Company(AMC), UTI has appointed ICICI Securities to advise on its IPO (initial public offer), which is expected to hit the primary markets by H2FY18.
Country’s oldest and sixth largest Asset Management Company(AMC), UTI has appointed ICICI Securities to advise on its IPO (initial public offer), which is expected to hit the primary markets by H2FY18.
When the IPO is launched, UTI will be the first fund house to get listed on the exchanges. The IPO most probably will be an offer for sale (OFS) as all the existing shareholders are likely to trim down their shareholdings in the fund house.
Prominent shareholders in the UTI AMC are SBI, LIC, Bank of Baroda and PNB that own 18.29 per cent each, whereas US based T Rowe Price holds 26 per cent.
Listing of the fund house will also address the conflict of interest issue between the existing shareholders' ownership interest, and parallelly they having their own asset management companies. As per the SEBI guidelines a sponsor of the AMC is not allowed to float more than one fund house.
UTI AMC is eyeing a valuation of anywhere close to USD 1 billion, which will fetch good returns to the exiting shareholders.
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