SEBI Approves HDFC AMC IPO

HDFC Asset Management Company (HDFC AMC) is the country’s largest mutual fund and is in news recently. SEBI has given a go ahead to HDFC Mutual Fund for its IPO. HDFC MF which is a joint venture between Housing Development Finance Corporation and Standard Life Investments received the observation recently from SEBI after the company filed its draft prospectus in March this year. 

The offer to public will be up to 2.21 crore equity shares. HDFC AMC has total assets under management of more than Rs 3 lakh crore as on March, 2018. HDFC AMC will be the second asset management company to go public after Reliance Nippon Life AMC.

The list of book running lead managers for the issue includes Kotak Mahindra Capital, Axis Capital, BoFA Merrill Lynch, Citigroup Global Markets India, CLSA India, HDFC Bank, ICICI Securities, IIFL Holdings, JP Morgan India, Nomura Financial Advisory and Securities (India), JM Financials and Morgan Stanley India.

The year 2018 has been a tough year for the IPO markets when compared to 2017 so far. Investors will be keenly looking at this particular IPO.