UTI Asset Management Company filed an IPO deal with SEBI in January 2008. By this Initial Public Offering the company aimed at raising capital worth $500.Through this IPO deal the company decided to sell total 48,500,000 equity shares, out of which 48,015,000 were reserved for Net Public Issue.
UTI Asset Management Company Limited IPO refers to that Initial Public Offering, for which the UTI Asset Management Company filed Draft Red Herring Prospectus(DRHP) with Securities and Exchange Board of India(SEBI) in January, 2008.
The Company, which deals with several domestic equity funds, balanced funds, income funds and liquid mutual funds, aimed at raising near about $500 million,through this IPO.
The IPO Deal
The company decided to sell its’ 48,500,000 equity shares through this Initial Public Offering. The company planned to sell all these shares of rupees 10 each, at a price determined through 100% book building process.
UTI Asset Management Company appointed Citigroup Global Markets India Private Limited, JM Consultants Private Limited and Enam Securities Private Limited as the Book Running Lead Managers for their IPO Deal. These companies were also entrusted the responsibility of working as the Global Coordinators.
It was declared by the company that, out of 48,500,000 equity shares, minimum 485,000 shares would be reserved for the eligible employees of UTI Asset Management Company Limited. It was made clear that, the company wanted to sell 48,015,000 equity shares through Net Public Issue.
Share Allocation of the IPO
The UTI Asset Management Company informed that minimum 50% of the net public issue would be allocated proportionally to the QIBs( Qualified Institutional Buyers). But, 5% of the shares, to be allocated to the Qualified Institutional Buyers, were reserved for proportional allocation to the Mutual Funds. The company decided to offer minimum 15% of the net public issue to the non-institutional bidders on a proportionate basis, whereas, minimum 35% of the net public issue were reserved for the individual bidders from the Retail Sector.
For this Initial Public Offering, the share of UTI Asset Management Company were proposed to be listed on Bombay Stock Exchange and the National Stock Exchange of India.
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Last Updated on : 30th July 2013