India: Reliance Nippon Life IPO sets price band, seeks to raise up to $237m

Photo: Mint

Reliance Nippon Life Asset Management Ltd’s initial public offering (IPO), the first by an Indian mutual fund manager, seeks to raise up to Rs1,542 crore with the company on Thursday setting a price range of Rs247-252 per share.

The offer by the manager of India’s third-biggest mutual fund by assets under management, which will run from 25-27 October, involves a 10% stake sale in the company.

Reliance Nippon Life AMC is selling about 2.45 crore primary shares in the IPO. Its two main shareholders, Nippon Life and Anil Ambani’s Reliance Capital, will sell up to 2.55 million and 1.12 million shares, respectively.

JM Financial, Citic CLSA, Nomura and Axis Capital are the main banks managing the IPO, while Edelweiss, IIFL Holdings, SBI Capital Markets and Yes Securities as bookrunners.

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