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HDFC Asset Management files for IPO

HDFC Asset Management Co. Ltd. will offer up to 25,457,555 equity shares of face value of 5 rupees each in its IPO.

The offer comprises of a net offer to the public of up to 22,177,555 equity shares, an offer of up to 8,592,970 equity shares by Housing Development Finance Corp. Ltd. and up to 16,864,585 equity shares by Standard Life Aberdeen Plc unit Standard Life Investments Ltd., according to a draft red herring prospectus filed March 14.

The offer price will be determined through a bookbuilding process.

HDFC Asset Management is a joint venture between HDFC and Standard Life Investments.

Kotak Mahindra Capital Co. Ltd., Axis Capital Ltd., DSP Merrill Lynch Ltd., Citigroup Global Markets India Pvt. Ltd., CLSA India Pvt. Ltd., HDFC Bank Ltd., ICICI Securities Ltd., IIFL Holdings Ltd., JM Financial Ltd., J.P. Morgan India Pvt. Ltd., Morgan Stanley India Co. Pvt. Ltd. and Nomura Financial Advisory and Securities (India) Pvt. Ltd. are the book-running lead managers for the offering.