Reliance Nippon Life Asset Management Ltd has fixed the price band at Rs 247-252 per share for its upcoming three-day initial public offering from October 25-28, 2017. Bids for the IPO can be made for minimum 59 equity shares and in multiples of 59 shares thereafter.
The initial public offering of up to 6.12 crore equity shares comprises a fresh issue of up to 2.448 crore shares by the company and an offer for sale up to 3.672 crore shares by the selling shareholders.
RNLAM is one of the largest asset management companies in India, managing total asset under management of Rs. 3,625.50 billion as of June 30, 2017, The company is expected to raise Rs 1,511.64-1,542.24 crore through the issue that will close on October 27.
Promoters – Reliance Capital and Nippon Life Insurance Company hold 46.57 percent and 49 percent stake in the company, which would be reduced to 42.88 percent each, respectively post issue.
About Reliance Nippon Life Asset Management Limited
Reliance Nippon Life Asset Management Limited (formerly Reliance Capital Asset Management Limited)(RNAM) is the asset manager of Reliance Mutual Fund (RMF). Presently, Reliance Capital Limited holds 46.57% of its total issued and paid-up equity share capital of RNAM. Nippon Life Insurance Company (NLI) holds 49.00% of RNAM’s total issued and paid up equity share capital.
Reliance Capital Limited is one of India’s leading and fastest growing, RBI registered Non-Banking Finance Company (NBFC). and has its business interests in Asset Management, Life Insurance, General Insurance, Private Equity, Proprietary Investments, Stock Broking, & other activities in the Financial Services Sector. Nippon Life Insurance Company (“NLI”) is a Japan’s leading private life insurer and offers a wide range of financial products, including individual and group life and annuity policies through various distribution channels, mainly using face-to-face sales channels for its traditional insurance products. It primarily operates in Japan, North America, Europe and Asia, and is headquartered in Osaka, Japan. NLI conducts asset management operations in Asia, through its subsidiary Nissay Asset Management Corporation (“Nissay”), which manages assets globally.
Promoters of Reliance Nippon Life Asset Management: Reliance Capital Limited and Nippon Life Insurance Company
Lead Managers to the Issue: JM Financial Institutional Securities, CLSA India, Nomura Financial Advisory and Securities (India) and Axis Capital are global co-ordinators and book running lead managers to the issue. Edelweiss Financial Services, IIFL Holdings, SBI Capital Markets and Yes Securities are the book running lead managers to the issue.
Registrar to the Issue: Karvy Computershare Pvt Ltd
Listing At: Equity shares are proposed to be listed on the National Stock Exchange and BSE.
Reliance Nippon Life Asset Management IPO details
IPO Opens on: 25-Oct-2017
IPO Closes on: 27-Oct-2017
Price Band: Rs 247-252 Per Equity Share
Face Value: Rs 10 Per Equity Shares
Issue Size: No. of Offer Shares 6,12,00,000, Total IPO Size (Rs.) 1511.64 Cr
Bid Lot: 59 Equity Shares and in multiples thereof
Minimum Order Quantity: 59 Shares
Maximum Subscription Amount for Retail Investor: Rs. 2,00,000
Listing On: BSE, NSE
Reliance Nippon Life Asset Management IPO Tentative
Finalisation of Basis of Allotment: 02-Nov-2017
Initiation of refunds: 03-Nov-2017
Transfer of shares to demat account: 06-Nov-2017
Listing Date: 07-Nov-2017
Company Contact Information
Reliance Nippon Life Asset Management Limited
Reliance Centre, 7th Floor, South Wing
Off Western Express Highway
Santacruz (E), Mumbai 400 055
Phone: +91 22 3303 1000
Fax: +91 22 3303 7662
Registrar of IPO
Karvy Computershare Private Limited
Karvy Selenium Tower B, Plot 31-32,
Hyderabad – 500 032, Telangana
Phone: +91 40 6716 2222
Fax: +91 40 2343 1551