UTI AMC announces IPO date - Angel Broking

Mr. Jaikishan Parmar, Sr. Equity Research Analyst, Angel Broking Ltd

After a long wait finally, UTI AMC announces IPO. The IPO will open for subscription on 29 September. This IPO purely offers for sale and the no of shares offered is 3,89,87,081. The State Bank of India, Life Insurance Corporation of India (LIC), Punjab National Bank, Bank of Baroda, and T Rowe Price International are selling shares through this IPO. We believe UTI AMC will garner strong interest from an investor, as AMC business is high RoE and cash-generating business. Listed AMC HDFC trades at 12.8% and Nippon AMC 9% of June AUM. Now final demand for UTI AMC would depend on at what valuation IPO demands. A valuation less than Listed peers would create more demand for UTI AMC.

Source : Equity Bulls

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