UTI Asset Management Co. Ltd. filed a draft red herring prospectus with India's securities regulator for an IPO of up to 38,987,081 shares, the Press Trust of India reported Dec. 19.

The company, which is India's largest asset manager in terms of total AUM, could raise slightly more than 30 billion rupees through the IPO, market sources told the outlet. UTI Asset Management shareholders State Bank of India, Life Insurance Corp. of India and Bank of Baroda will offer 10,459,949 shares of the company each in the IPO, while Punjab National Bank and T Rowe Price International Inc. will offer up to 3,803,617 shares each. The shares are proposed to be listed on NSE and BSE.

Kotak Mahindra Capital, Axis Capital, CitiBank, DSP Merrill Lynch, ICICI Securities, JM Financial and SBI Capital Markets are the book-running lead managers for the IPO.

As of Dec. 19, US$1 was equivalent to 71.13 Indian rupees.