Aditya Birla AMC doubtless to birth out IPO in September

Mumbai: The preliminary public providing of Aditya Birla Solar Life Asset Administration Firm is anticipated to birth out in the closing week of September, said investment bankers. The nation's fourth-largest mutual fund with sources under administration of Rs 2.75 lakh crore is calling to make a selection out around Rs 3,000 crore in the fragment sale, valuing the corporate at about Rs 24,000 crore.

The asset manager, a joint venture between Aditya Birla Community and Solar Life Financial of Canada, steadily is the fourth home fund home to list after HDFC, Nippon and UTI.

An electronic mail sent to Aditya Birla Capital went unanswered till press time.

Within the IPO, both the promoters will jointly promote a 13.5% stake. Aditya Birla Capital will promote 3.6 crore shares, and Solar Life (India) AMC Investments will offload 28.51 lakh shares in the asset administration agency, in accordance with the draft crimson herring prospectus (DRHP).

At IPO valuations, Aditya Birla SL AMC will doubtless be valued a Impress to Earnings (PE) ratio of 36 instances FY23 estimated earnings, in accordance with Morgan Stanley. The agency has valued the AMC at Rs 24,200 crore. “We tag the Birla AMC substitute at 36 instances estimated F23 EPS broadly in-line with HDFC AMC,” said a display cowl by Morgan Stanley.

HDFC AMC is shopping and selling at 38 instances FY23 estimated earnings and its market capitalisation is Rs 62,731 crore, in accordance with Bloomberg estimates. Nippon Life AMC and UTI AMC are shopping and selling at 31 instances and 20 instances FY23 estimated earnings, respectively. The market caps of Nippon and UTI are Rs 23,634 crore and Rs 12,372 crore respectively.

The asset administration company purchased the closing “commentary” letter from the regulator on August 5 after being kept in abeyance for over a month.

Aditya Birla Solar Life AMC posted gather earnings affirm of 58% at Rs 206 crore for the quarter ended June.

The AMC has appointed virtually a dozen bankers to manage the IPO, including Kotak Mahindra Capital, BofA Securities, Citigroup Global Markets India, Axis Capital, HDFC Financial institution, ICICI Securities,


, Motilal Oswal Investment Advisors, SBI Capital Markets, and YES Securities (India).

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