A statement from HDFC said it has also received in- principle approval its overseas partner Standard Life Investments for the IPO, which would be done through share sale to the public in one or more tranches. "We believe that listing would unlock value of the business for the shareholders and provide investors an opportunity to participate in the emerging asset management space within our group," HDFC AMC chairman Deepak Parekh said in a statement. Post-dilution in tranches, shareholding of HDFC and Standard Life Investments in HDFC AMC will be at least 50.01 per cent and 24.99 per cent, respectively, it said. Standard Life Aberdeen Plc (SLI's parent company), HDFC and HDFC AMC will also work together towards developing new products, it said. HDFC AMC manages an Rs 2,69,781 crore assets of which Rs 1,19,159 crore are in equity-oriented funds for the quarter ending September. Fiscal 2018 has seen many insurance companies tapping the capital markets through IPOs. While two state-run general insurers-GIC Re and New India Assurance got listed in the second quarter with mega issues, from the private sector side, SBI Life, ICICI Prudential Life, ICICI Lombard, Reliance Life and HDFC Life also went public during the year.
Disclaimer: No Business Standard Journalist was involved in creation of this content