India's UTI Asset Management falls 11% in market debut

UTI Asset Management

12/10/2020 06:55

** Shares of the mutual fund co  UTIA.NS  fell as much as
11% to 493.10 rupees on trading debut vs. IPO issue price of 554
rupees
    ** UTIA saw its 21.60 bln rupees ($295.57 mln) IPO get
subscribed 2.3 times, exchange data showed https://bit.ly/30YTGiu
    ** State Bank of India, Life Insurance Corp and Bank of
Baroda were selling 10.46 mln UTIA shares each, while Punjab
National Bank and T. Rowe Price were offloading 3.8 mln shares
each, according to IPO prospectus https://bit.ly/2GNHpGV
    ** Continued popularity of mutual funds would benefit co due
to its strong distribution reach and brand image, while any
adverse impact on inflows may impact overall revenue and
profitability  - Emkay Global said in a pre-IPO note
    ** About 6.1 mln shares changed hands in morning trade

($1 = 73.0800 Indian rupees)

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))