Canara Robeco’s Rs 1,326 cr IPO opens tomorrow

New Delhi: Canara Robeco Asset Management Company on Monday fixed a price band of Rs 253-266 per share for its upcoming Initial Public Offering (IPO), giving a valuation of roughly around Rs 5,300 crore at the upper end.

The asset management company’s Rs 1,326 crore IPO would open for subscription on October 9 and conclude on October 13. The one-day bidding for anchor investors would open for a day on October 8, according to its public announcement.

The IPO is a completely an Offer For Sale (OFS) of 4.98 crore equity shares with no fresh issue component. Under the OFS, promoters -- Canara Bank and ORIX Corporation Europe NV (previously known as Robeco Groep NV) -- will offload 2.59 crore shares and 2.39 crore shares, respectively.

Canara Bank owns a 51 per cent stake in Canara Robeco, while Orix Corporation holds the remaining stake in the AMC. Since the IPO is entirely an OFS, the company will not receive any funds from the public issue, and the proceeds will go to the selling shareholders. Canara Robeco’s primary activities include managing mutual funds and providing investment advice on Indian equities.