Reliance Nippon Life Rs. 1500 crore IPO to open on October 25, 2017

Reliance Nippon Life Asset Management Ltd is planning to raise Rs.1500 crore via IPO.

The company has set a price range of Rs.247-252 per equity share for the IPO.

The IPO consists of a fresh issue of up to 24,480,000 equity shares the Company (the “Fresh Issue”) and an offer for sale of up to 36,720,000 equity shares by Reliance Capital Limited and Nippon Life Insurance Company (together, the “Promoter Selling Shareholders”). The offer shall constitute 10.00% of the post-offer paid-up equity share capital of the Company.

The Company proposes to utilize the net proceeds of the Fresh Issue for (i) Setting up new branches and relocating certain existing branches, (ii) Upgrading the IT system, (iii) Advertising, marketing and brand building activities, (iv) Lending to their Subsidiary (Reliance AIF) for investment as continuing interest in the new AIF schemes managed by Reliance AIF, (V) Investing towards their continuing interest in new mutual fund schemes managed by the Company, (vi) Funding inorganic growth and other strategic initiatives and (vii) general corporate purposes.

The Equity Shares offered through the RHP are proposed to be listed on the National Stock Exchange of India and BSE Limited.

The offer will open on October 25, 2017 and will close on 27 October.

CLSA, Axis Capital, Nomura and JM Financial are the global
coordinators, while while Edelweiss, IIFL Holdings, SBI Capital
Markets and Yes Securities as book-runners.