The initial public offer (IPO) of Aditya Birla Sun Life AMC received bids for 2.99 crore shares as against 2.77 crore shares on offer on Thursday (30 September 2021), according to stock exchange data at 17:00 IST. The issue was subscribed 1.08 times. The issue opened for bidding on Wednesday (29 September 2021) and it will close on Friday (1 October 2021). The price band of the IPO is fixed at Rs 695-712 per share. An investor can bid for a minimum of 20 equity shares and in multiples thereof.
The initial public offer comprises of offer for sale of 3,88,80,000 equity shares. Offer for sale comprises sale of 28,50,880 equity shares by Aditya Birla Capital and up to 3,60,29,120 equity shares by Sun Life AMC. The company will not directly receive any proceeds from the offer, and all the offer proceeds will be received by the selling shareholders, in proportion to the offered shares sold by them.
The company expects that listing of the equity shares will enhance visibility and brand image and provide liquidity to shareholders and will also provide a public market for the equity shares in India.
Ahead of the IPO, Aditya Birla Sun Life AMC on 28 September 2021 finalized allocation of 1,10,80,800 equity shares to anchor investors at an allocation price of Rs 712 per share, aggregating to Rs 788,95,29,600.
Aditya Birla Sun Life AMC is the fourth-largest asset management companies (AMCs) in India by quarterly average asset under management (QAAUM) since September 2011 and it’s also the largest non-bank affiliated AMC in India since March 2018. The focus of the company is on consistent investment performance, extensive distribution network, brand, and superior customer service. The company managed a total AUM of Rs 293642 crore (closing AUM) under its suite of mutual funds (excluding domestic fund of funds (FoFs)), portfolio management services, offshore and real estate offerings, and approximately 7.18 million investor folios (including domestic FoFs) end June 2021.
Its total QAAUM grew at a CAGR of 14.55% from Rs 1,36,503 crore end of March 2016 to Rs 26,92,78 crore end of March 2021 and further rose to Rs 2,75,454 crore by the end of June 2021. The AUM under portfolio management services, offshore and real estate offerings was Rs 11,515 crore end of June 2021. The company caters to a wide range of customers from individuals to institutions through its pan-India network and offering of customer solutions. The monthly average AUM (MAAUM) from institutional investors stands at Rs 150,304 crore and individual investors at Rs 133,353 crore end of June 2021.
The AMC posted net sales of Rs 333.24 crore and a net profit of Rs 154.94 crore for the quarter ended June 2021.
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