UTI Asset Management Company Limited, the second largest asset management company in India in terms of Total AUM, allotted 1,16,36,124 equity shares to 67 anchor investors and raised Rs 644.64 crore ahead of the company’s proposed IPO at an upper price band of Rs 554 per equity shares.

The anchor investors included Nomura (Singapore), Goldman Sachs (Singapore), Morgan Stanley Asia (Singapore), ICICI Prudential Mutual Fund and HDFC Mutual Fund, among others.

The price band of the offer has been fixed at Rs 552 to Rs 554 per equity share. The initial public offer opens for subscription on 29th September 2020 and will close on 01st October 2020.

A press release from the company said that the offer consists of an IPO of up to 38,987,081 equity shares by the selling shareholders comprising an offer for sale of up to 10,459,949 equity shares by State Bank of India, up to 10,459,949 equity shares by Life Insurance Corporation of India, up to 10,459,949 equity shares by Bank of Baroda, up to 3,803,617 equity shares by Punjab National Bank and up to 3,803,617 equity shares by T. Rowe Price International Ltd.

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