India's Canara Robeco Asset Management Company has set a price band of 253-266 rupees per share for its upcoming listing, aiming for a valuation of about 53.05 billion rupees ($597.9 million) at the upper end, as per Reuters calculations.
The asset manager's IPO comes at a busy time for India's primary market. The October-December quarter is expected to see $8 billion worth of fundraises, with several large-ticket issuances such as Tata Capital, LG Electronics India and WeWork India Management on the anvil
Canara Robeco, a joint venture between Canara Bank and ORIX Corporation Europe, a unit of Japan's ORIX Corporation, will open its initial public offering to retail investors on October 9, with anchor investors invited to place their bids on October 8.
The three-day share sale will conclude on October 13, and Canara Robeco's stock is expected to list on or around October 16.
The firm, which manages more than 1 trillion rupees in assets, will not issue any fresh shares in the IPO, with the two existing shareholders offloading a combined 49.8 million shares.
Canara Bank will trim its stake by 13% in the asset manager, selling 25.92 million shares, while ORIX will divest 23.93 million shares.
Canara Robeco competes with major asset managers such as HDFC Asset Management Company, Nippon Life India Asset Management and UTI Asset Management Company.
