UTI Mutual Fund to come up with an IPO - Indian IPO Blog

Saturday, December 24, 2016

UTI Mutual Fund to come up with an IPO

UTI Mutual Fund is planning to come up with IPO which may hit the markets during the year 2017.
The IPO will allow partial exit for SBI, LIC, BoB and PNB

The Managing Director of UTI Leo Puri told the reporters in an interview "We continue to believe IPO will happen in the second half of 2017. We are awaiting Government go-ahead. Once that is in, we'll appoint merchant bankers and seek SEBI nod,"

"We are yet to go in for valuation as it will be discovered by the market. But we are sure of our valuation topping USD 1 billion. But the exact valuation will be determined as we go to the market for price discovery," he said, adding the issue size will depend on our shareholders.

Asked whether the company has sought the Government permission, Puri answered in the affirmative saying, "It has been pending with the Government for a long now. But now I hope that it would be coming anytime now.", he further added

UTI MF was created after Parliament passed the Unit Trust of India (Transfer of Undertaking & Repeal) Act in 2002 after the flagship US 64 scheme went belly up. Post the Act, the then mighty UTI was bifurcated into Specified Undertaking of Unit Trust of India (SUUTI)

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