The Reliance Nippon AMC IPO has set a price band of Rs247-252 per share, at the upper end of which the mutual fund manager is valued at Rs15,442 crore. Photo: iStockMumbai: Reliance Nippon Life Asset Management Ltd, India’s third-largest mutual fund manager, opens its Rs1,542 crore initial public offering (IPO) on Wednesday. Reliance Nippon AMC’s diversified portfolio and early start will benefit the company as more investors sign up for mutual funds in India, analysts said. Brokerage Asit C. Mehta Investment Interrmediates Ltd called the Reliance Nippon AMC IPO fairly priced, and recommended subscribing to the issue on a long-term basis. Reliance Nippon AMC had a market share of 11.4% as of June 30 and its quarterly average assets under management was Rs2.23 trillion with 7.01 million investor folios.

Source: Mint October 25, 2017 01:41 UTC