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Reliance Nippon Life Asset Management Ltd April 10, 2015 (12:00)

Issue Period
Oct 25 , 2017 - Oct 27, 2017

Price Band
Rs.247 – Rs.252 per Equity Share

RELIANCE Nippon Life asset management is one of the largest asset management companies in India, managing total AUM of Rs.3,625.50 billion as of June 30, 2017. The company is involved in managing (i) mutual funds (including ETFs); (ii) managed accounts, including portfolio management services, alternative investment funds (“AIFs”) and pension funds; and (iii) offshore funds and advisory mandates.

Company is ranked the second most profitable asset management company in India, according to ICRA.

INVEST NOW

General Insurance Corporation of India

Issuer Reliance Nippon Life Asset Management Limited (View Report)
Issue Type 100% Book Built Issue IPO
Issue Period Issue Opens: Oct 25, 2017
Issue Closes: Oct 27, 2017
Price Brand Rs.247 – Rs.252 per Equity Share
Issue Size(Rs.) Rs. 1542.24 Crs
Face Value Rs.5 per Equity Share
Minimum Order Quantity Retail: 59 Shares and in multiples there of
QIB 50% of the issue size (30,600,000 Equity Shares)
NIB 15% of the issue size (9,180,000 Equity Shares)
Retail Individual Bidders 35% of the issue size (21,420,000 Equity Shares)
Registrar Karvy Computershare Pvt Limited
Listing NSE & BSE
Book Running Lead Managers Edelweiss, IIFL Holdings,SBI Capital,YES Securities (India)

Karvy View

Financial Snapshot & Outlook: Reliance Nippon Life Asset Management Ltd (RNAM) ranks in the top-most quartile of the asset management industry in terms of size and profitability. The company’s assets under management (AUM) have grown at a healthy CAGR of 22.3% for the period FY13-17 to reach Rs. 3,580.6 Bn ($55.1 billion) as on March 31, 2017. The company has had a slower growth-pace in terms of revenue & PAT for the same period with the respective CAGR being recorded at 18.2% & 15.0%. The company has laid focus on increasing its business in the retail segment which currently account for 26% of the total AUM of RNAM. Considering the recent uptick witnessed by the mutual fund industry in the participation by retail investors together with the company’s target of almost doubling its current branch network of 171 branches by FY21, we can say that the company’s future outlook seems promising.


Valuation & Rating: The adjusted EPS for FY17 works out to Rs. 7. On the upper price band of Rs. 252, the issue is valued at a PE of 36x and a PB of 7.9x. The company has no listed peers. Based on the above factors, we assign a rating of 3.5 out of 5.

Objects of the IPO:

  • Setting up new branches and relocating certain existing branches;
  • Investing towards continuing interest in new mutual fund schemes managed;
  • Funding inorganic growth and other strategic initiatives;

Key Strategies:

  • Expand Investor Base and Focus on Retail Customers
  • Focus on Developing AIF Business
  • Inorganic Growth through Strategic Acquisitions
  • Leveraging Technology to Improve Investor Experience
  • Expand Overseas Operations
  • Continue to Focus on Robust Investment Process and Product Innovation

PublicIssue 61,200,000 Equity shares. (Fresh Issue 24,480,000 Equity shares & offer for sale 36,720,000 Equity shares).


  • News

    • +MARKET COMMENTARY
      1. Market drifts higher in early trade
      2. Market may open on a flat note
      3. Select shares in spotlight on MSCI index rejig
      4. Market tumbles on broad-based selling pressure
      5. Market drops sharply ahead of Q2 GDP data
    • +CORPORATE ANNOUNCEMENTS
      1. Market drifts higher in early trade
      2. Market may open on a flat note
      3. Select shares in spotlight on MSCI index rejig
      4. Market tumbles on broad-based selling pressure
      5. Market drops sharply ahead of Q2 GDP data
    • +OTHER NEWS
      1. Market drifts higher in early trade
      2. Market may open on a flat note
      3. Select shares in spotlight on MSCI index rejig
      4. Market tumbles on broad-based selling pressure
      5. Market drops sharply ahead of Q2 GDP data
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