Aditya Birla Sun Life AMC to launch IPO on September 29

Aditya Birla Sun Life is the largest among mutual funds in India which is not affiliated with any bank.

The IPO, which is a pure offer for sale by joint venture partners Aditya Birla Capital Limited and Sun Life (India) AMC Investments Inc., will be priced at ₹695-712 per share, the firm said. Collectively, the two shareholders are selling a total of 38.88 million shares.

The offer for sale includes sale of 2.85 million shares by Aditya Birla Capital and 36.02 million shares by Sun Life.

The share sale would result in dilution of equity of 13.5 percent for existing shareholders.

As on June 30, the mutual fund company managed 118 schemes including 37 equity schemes (including diversified, tax-saving, hybrid and sector schemes), 68 debt schemes (including ultra short-duration, short-duration and fixed-maturity schemes) . Two liquid schemes, five ETFs (Exchange Traded Funds) and six domestic FOFs (Funds of Funds).

The flagship schemes of the company include Aditya Birla Sun Life Frontline Equity Fund and Aditya Birla Sun Life Corporate Bond Fund.

The total quarterly average assets (excluding domestic FoF) of the fund house under management were: ₹2.75 trillion as of June 30.

Its outstanding Systematic Investment Plans (SIPs) have more than tripled from 860,000 as of March 31, 2016 to 2.8 million as of June 30.

Accordingly, its assets under management from SIP have increased ₹8,523 crore as on 31 March 2016 (representing 25.70% of its total Equity Oriented Mutual Fund AUM) ₹45,692 crore (representing 41.70% of its total equity-oriented mutual fund AUM) as on 30 June 2021.

The AMC, which had filed initial IPO documents with Sebi in April, received its approval in August.

Kotak Mahindra Capital, BofA Securities India and Citigroup Global Markets India are managing the share sale.

Asset management companies like Nippon Life India Asset Management, HDFC AMC and UTI AMC are already listed on the stock exchanges.