Reliance Nippon Life Asset Management IPO is set to open for subscription on October 25, with a price band of Rs 247-252 per share.

Reliance Nippon IPO Detail:

• Issue Open: Oct 25, 2017 – Oct 27, 2017
• Issue Type: Book Built Issue IPO
• Issue Size: 61,200,000 Equity Shares of Rs 10 aggregating up to Rs 1,542.24 Cr
  › Fresh Issue of 24,480,000 Equity Shares of Rs 10 aggregating up to Rs [.] Cr
  › Offer for Sale of 36,720,000 Equity Shares of Rs 10 aggregating up to Rs [.] Cr
• Face Value: Rs 10 Per Equity Share
• Issue Price: Rs 247 – Rs 252 Per Equity Share
• Market Lot: 59 Shares
• Minimum Order Quantity: 59 Shares
• Listing At: BSE & NSE Exchanges

Global co-ordinators of the issue : JM Financial Institutional Securities, CLSA India, Nomura Financial Advisory and Securities (India) and Axis Capital.

Book running lead managers to IPO offer : Edelweiss Financial Services, IIFL Holdings, SBI Capital Markets and Yes Securities (India) are the book running lead managers to the offer.

The net proceeds from fresh share issue would be utilised for :-

• Branch Expansion and IT system upgrade (Rs 78.96 crore);
• Advertising, marketing and brand building activities (Rs 72.09 crore);
• Investing towards continuing interest in new mutual fund schemes managed by the company (Rs 100 crore);
• Funding inorganic growth and other strategic initiatives (Rs 165 crore)

Reliance Nippon Life Asset Management IPO review