UTI AMC and Mazagon Dock to launch IPOs next week

Mumbai: UTI Asset Management Company and Mazagon Dock Shipbuilders are set to launch their initial public offerings (IPOs) next week. Both issues will open for subscription on September 29 and will close on October 1. UTI AMC IPO is an offer for sale by the existing investors to raise about Rs 2,152-2,160 crore. The price band for the issue has been fixed at Rs 552-554 per share. Investors can bid for a minimum of 27 equity shares and in multiples of 27 shares thereafter. State Bank of India, Life Insurance Corporation of India, Punjab National Bank, Bank of Baroda and T Rowe Price International are selling 3.9 crore equity shares to meet the regulatory requirements to bring down their stake in the AMC.

Mazagon Dock Shipbuilders is looking to raise up to Rs 444 crore through its public issue and has fixed the price band at Rs 135-145 per equity share. The company will offer up to 3.06 crore shares through an offer for sale which includes a reservation of 3.46 lakh shares for eligible employees.