Re­liance Nip­pon Life IPO to open on 25 Oc­to­ber

Mint ST - - FRONT PAGE -

Re­liance Nip­pon Life As­set Man­age­ment Ltd, In­dia’s third-largest mu­tual fund man­ager, on Thurs­day said it will launch its Rs1,542 crore ini­tial pub­lic of­fer­ing (IPO) on 25 Oc­to­ber.

This will be the first IPO by an In­dian mu­tual fund man­ager.

The as­set man­age­ment com­pany has set a price range of Rs247-252 per share for the IPO, which val­ues it at Rs15,116-15,422 crore.

The IPO will see a to­tal stake di­lu­tion of 10%. The pub­lic of­fer­ing in­cludes a fresh is­sue of Rs617 crore. See Page 3

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