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Reliance Nippon Life Asset Management plans IPO in fiscal 2017-2018

India's Reliance Nippon Life Asset Management Ltd. is planning to launch an IPO in fiscal 2017-2018, Reuters reported June 7, citing company CEO Sundeep Sikka.

The company intends to sell an initial 10% stake through the IPO, as per regulatory guidelines, and will boost the offering in the next three years to up to 25%.

Reliance Capital Ltd., which owns a 51% stake in the company, and its co-owner, Japan's Nippon Life Insurance Co., will participate in the IPO.

Sikka said the company will immediately begin the process of hiring banks for the IPO, but declined to give further details.