Abu Dhabi Investment Authority (ADIA) and IIFL Special Opportunities Fund were among 50 investors in Aditya Birla Sun Life AMC’s anchor IPO round of Rs 789 crore ($106 million).
The mutual fund arm of Aditya Birla Capital allocated 1.108 crore equity shares at the upper price band of Rs 712 per share.
ADIA invested Rs 65 crore; Morgan Stanley Asia Singapore Rs 22 crore; and IIFL Special Opportunities Fund Series 7 and hedge fund Abakkus Asset Manager LLP invested just over Rs 10 crore each.
Besides insurance firms such as SBI Life Insurance, ICICI Prudential Life Insurance, HDFC Life Insurance, and Tata AIG General Insurance, several mutual funds including those of State Bank of India, Axis Bank and Kotak came in as anchors.
Eight domestic mutual funds were allocated 0.53 crore or 48.16% of the allocated equity through 31 schemes to raise Rs 379.95 crore.
In March this year, the board of Aditya Birla Capital gave an in-principle approval to Aditya Birla Sun Life AMC to go public. Kotak Mahindra Capital Company, BofA Securities India, Citigroup Global Markets India are global coordinator and book running lead managers for the IPO.
The IPO which opened today and closes on Friday will see promoters sell shares worth up to Rs 2,768.25 crore.
It comprises a sale of up to 0.28 crore equity shares by Aditya Birla Capital and up to 3.6 crore shares by Sun Life (India) AMC Investments Inc.
Aditya Birla Sun Life AMC will join three larger listed peers in the industry -- HDFC Asset Management Company, Nippon Life India Asset Management, and UTI Asset Management Company, the most recent one to go public.
The investment manager of Aditya Birla Sun Life AMC is a joint venture between Aditya Birla Group and Canada’s Sun Life Financial.
Aditya Birla Sun Life AMC’s parent Aditya Birla Capital is backed by Advent International. In September 2019, Aditya Birla Capital, the holding company of Aditya Birla Group's financial services businesses, said it is raising Rs 1,100 crore ($153 million) from US-based private equity firm Advent International and homegrown investor Premji Invest.