HDFC Asset Management Company launching its 3-day initial offering today in a joint venture with Standard Life Investments. The issue which remains opens till 27th July for the subscription.
By selling a little equity over 2.5 crores at RS. 1,095-RS. 1,100 a-piece, HDFC is looking to raise about Rs.2800 crore.
HDFC is one of the largest equity-oriented asset management company in the country. It has 209 branches and 65,000 distribution partners in over 200 cities. The company manages 27 equity-oriented, 98 debts, three liquids and five other schemes.
HDFC holds 57.36% stake in Asset management arm and standard life own 38.24 %. They will gain 56-73 times their investments in the company.
The main purpose of the offering is to achieve the benefits of listing the equity shares on the stock exchanges and to carry out the sale of equity shares offered for sale by promoter selling shareholders.
HDFC aims to raise funds at the lower end of price RS. 2787.6 and at the higher end of price band of Rs. 2800.33.
Should you apply to the most profitable asset management company?
HDFC AMC’S return on equity and return on asset were better than that of listed peers but fell short of ICICI Prudential AMC’S.s
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