Reliance Nippon Life Files Draft Papers With SEBI For IPO:
Reliance Nippon Life AMC had file Draft Red Herring Prospectus (DRHP) for its initial public offer (IPO) with the Securities and Exchange Board of India (SEBI) today.
It will also be the first IPO from Reliance Group after Reliance Power in 2008.
Proceeds from the initial public offer (IPO) will be used for organic and inorganic opportunities.
The company has appointed JM Financial, CLSA, Nomura and Axis Capital as the global coordinators and book running lead managers.
As stated at the press conference on June 8 for the IPO, the Anil Ambani led-Reliance Capital’s Reliance Nippon Life AMC is initially diluting 10 percent stake which may comprise fresh issue of 2.44 crore shares.
On June 8, Reliance Nippon Life Asset Management (RNAM) had announced that it received approval from its board of directors for an initial public offer of AMC which would be subject to necessary regulatory and corporate approvals.
The proposed listing will be in FY18 and initially, the AMC plans to dilute merely 10 percent and would sell more shares over the next four years, adding up to a 25 percent stake by 2021.
Reliance Nippon Life Asset Management’s AUM is around Rs 3,58,059 crore, giving it a valuation of about Rs 18,000 crore at 5 percent of AUM.
Reliance Nippon Life Asset Management is the only AMC who has the mandate for fund management by the Employees’ Provident Fund Organisation, the Pension Fund Regulatory and Development Authority and the Coal Mines Provident Fund Organisation.
It also acts as the adviser for India-focused equity and fixed income funds in Japan, launched by Nissay Asset Management Corp and South Korea, launched by Samsung Asset Management.
RNAM will be the first among top 3 players in the AMC industry for listing.
Reliance Capital owns 51 percent of the company and Nippon Life 49 percent.
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