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Reliance Nippon Life Asset Management Ltd's initial public offering, the first by an Indian mutual fund manager, seeks to raise up to Rs 1,542 crore ($236.7 million) with the company on Thursday setting a price range of Rs 247-252 per share.
The offer by the manager of the third-biggest mutual fund by assets under management, which will run from October 25 to October 27, involves a 10 per cent stake sale in the company.
Reliance Nippon Life AMC is selling about 24.5 million primary shares in the IPO. Its two main shareholders, Nippon Life and billionaire Anil Ambani's Reliance Capital, will sell up to 25.5 million and 11.2 million shares, respectively.
JM Financial, Citic CLSA, Nomura and Axis Capital are the main banks managing the IPO, while Edelweiss, IIFL Holdings, SBI Capital Markets and Yes Securities are the bookrunners. ($1 = 65.1500 Indian rupees)
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