HDFC board approves HDFC AMC IPO, to hold 50% post public offer

HDFC AMC had about $42 billion in average assets under management for the quarter ended September

The board of HDFC Asset Management Co Ltd on Thursday gave its approval to begin the process for launching an initial public offering (IPO) of India’s second-biggest mutual fund manager by assets, according to a stock exchange filing.

Standard Life Aberdeen Plc and mortgage lender Housing Development Finance Corp Ltd will own a minimum 24.99 per cent and 50.01 percent, respectively, in HDFC AMC post IPO, subject to regulatory approvals.

HDFC AMC’s IPO follows that of smaller rival Reliance Nippon Life Asset Management Ltd, which was the first mutual fund house in the country to go public.

Indian mutual fund