On November 30, 2017, HDFC Asset Management Company Limited announced its Board of Directors approved initiating the process for an IPO.
HDFC Asset Management Company Limited (“HDFC AMC”) announced the initial public offering, with both Housing Development Finance Corporation Limited (“HDFC”) and Standard Life Investments Limited (“SLI”) offering shares to the public. After the offering, HDFC and SLI will retain 50.01% and 24.99% ownership stakes, respectively. In addition, Standard Life Aberdeen Plc (the ultimate parent company of SLI), HDFC, and HDFC AMC plan to enter into a collaboration agreement to work together to develop new products in India. The size of the offering, price, and other details of the proposed IPO have yet to be determined. The transaction is subject to market conditions, as well as customary corporate and regulatory approvals.
HDFC AMC is a Mumbai-based asset management company managing 2.69 lakh crore in assets under management as of September 30, 2017. HDFC has a diversified asset portfolio across both equity and fixed income asset classes.
To read the press release: please click here.