The Mutual Fund arm of HDFC group, the HDFC AMC finally gets a nod from SEBI to open on 25th July after a hurdle created due to selling of Pre-IPO shares to 140 distributors by the company.
The IPO comprises of pure OFS by which HDFC Limited is selling 8,592,970 EQUITY SHARES and STANDARD LIFE INVESTMENTS LIMITED selling 16,864,585 EQUITY SHARES. The IPO is priced in a band of 1345-1360. The company will not receive anything from IPO proceed.
The issue will be handled by 12 Lead Managers and Karvy Computer shares limited is a registrar in the IPO.
HDFC AMC has been the largest asset management company in India in terms of Equity-oriented AUM since the last quarter of Fiscal 2011 and have consistently been among the top two asset management companies in India in terms of total average AUM since the month of August 2008.