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Report: HDFC Asset Management IPO could raise up to 30B rupees

HDFC Asset Management Co. Ltd. could raise as much as 30 billion Indian rupees through its planned IPO, Mint reported July 2, citing three people aware of the development.

The asset manager is expected to launch its IPO July 11 and close the offer July 13, after receiving approval from India's securities regulator. Anchor investors are expected to receive their shares July 10.

The company's two shareholders, Housing Development Finance Corp. Ltd. and U.K.-based Standard Life Aberdeen PLC unit Standard Life Investments, plan to offer up to 8,592,970 shares and 16,864,585 shares in the asset manager through the IPO.

Mint said it did not receive a response from the company on an email inquiring about the IPO.

As of July 2, US$1 was equivalent to 68.72 Indian rupees.