HDFC AMC IPO to open on July 25; price band at Rs 1,095-1,100

NEW DELHI: The initial public offering of HDFC Mutual Fund will hit the market on July 25. The price band for the issue has been fixed at Rs 1,095-1,100 per share, ETNow reported.
The issue will close for subscription on July 27.

The company is 60 per cent owned by HDFC while Standard Life Investments holds the rest.


HDFC will sell 8.59 million shares, or 4.08 per cent stake in HDFC AMC via the IPO, according to the report.

HDFC AMC is the most profitable domestic asset management company. Its net profit for the year ended March was Rs 722.61 crore, up 31 per cent from Rs 550.24 crore reported for the year ago.

The lot size for the IPO has been fixed at 13 shares and in multiples of 13 thereafter.

The issue will be the second by an Indian mutual fund after Reliance Nippon Asset Management raised Rs 1,540 crore in November. That issue was subscribed 81 times.