Canara Robeco's IPO to open on October 9

MUMBAI: The ₹1,326-crore IPO of Canara Robeco Asset Management Company, a joint venture between Canara Bank and ORIX Corporation Europe, will open on October 9. The company has set the price band of the issue at ₹253-266 per share. The issue will close on October 13.

The IPO is entirely an offer for sale (OFS) of 4.99 crore shares by existing shareholders. Currently, Canara Bank holds a 51% stake, while ORIX Corporation has a 49% shareholding in the AMC. While Canara Bank will reduce its stake by selling 2.59 crore shares, ORIX will divest 2.39 crore shares. This represents 25% of their total stake in the AMC. At the upper end of the price band, the fund house will have a market capitalisation of ₹5,305 crore.