UTI AMC IPO attracts 1.02 times subscription


NEW DELHI: The Rs 2,160 crore initial public offer (IPO) by UTI AMC sailed through on the third and the final day of bidding process on Thursday attracting 1.02 times applications.

Data showed the issue received bids for 2,79,18,000 shares, which was 102 per cent of the total issue size of 2,73,50,957 shares. Shares reserved for retail investors saw 1.53 times applications while those reserved for HNI investors saw 47 per cent subscription.

The quota reserved for employees and QIBs saw 80 per cent and 55 per cent subscription, respectively.

The IPO is being sold in the Rs 552-554 price band, with State Bank of India, LIC and Bank of Baroda selling up to 1,04,59,949 equity shares each via public issue, while Punjab National Bank and T Rowe Price International (TRP) divesting up to 38,03,617 equity shares each.

On Monday, the AMC had raised Rs 644.64 crore through allotment to anchor investors.

Astha Jain of HEM Securities said UTI AMC is a pure play independent asset manager with strong brand recognition and diverse portfolio of funds with multiple distribution channels, wide reach, broad and stable client base.

“The company has established position in retirement solutions through product innovation and large retirement fund mandates. Valuation looks reasonable at 25 times FY20 EPS,” she said.

Anand Rathi feels that even as the company has underperformed its larger industry peers in the recent past, the IPO is priced relatively at a discount of about 30 per cent at the upper price band compared to its industry peers. “Considering the future growth prospects for the asset management industry and relative valuations we recommend ‘Subscribe’ for the long term for the IPO,” it said.

Geojit said that the IPO valuation seems to be factoring in lower ROE, high competition and uncertainties from the pandemic. Accordingly, we recommend ‘Subscribe’ rating on a short to medium-term basis, expecting listing gain.

Angel Broking said that the offer quotes at 5.25 per cent of Q1FY21 AAUM, demanding Rs 7,024 crore market cap, which the brokerage believes is reasonable. Listed peers like HDFC AMC trades at 35 times FY20 earnings and Nippon AMC trades at 37 times FY20 earnings, it said.

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