IPO: Reliance Nippon Life Asset Management Limited

Company & Business Profile

Reliance Nippon Life Asset Management Limited is one of the largest asset management companies in India, started its mutual fund operations in 1995 as the asset manager for Reliance Mutual Fund. 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. The Company was ranked the third largest asset management company, in terms of mutual fund quarterly average AUM (“QAAUM”) with a market share of 11.4%, as of June 30, 2017, according to ICRA. For the financial year 2016, it was ranked the second most profitable asset management company in India, according to ICRA.

The Company managed 55 open‐ended mutual fund schemes including 16 ETFs and 174 closed ended schemes for Reliance Mutual Fund as of June 30, 2017. It has a pan‐India network of 171 branches and approximately 58,000 distributors including banks, financial institutions, national distributors and independent financial advisors (“IFAs”), as of June 30, 2017.

As part of its managed accounts business, it provides portfolio management services to high net worth individuals and institutional investors including the Employees’ Provident Fund Organisation (“EPFO”) and Coal Mines Provident Fund Organisation (“CMPFO”). Its Subsidiary, Reliance AIF Management Company Limited (“Reliance AIF”) manages two alternative investment funds, which are privately pooled investment vehicles registered with SEBI. Further, Reliance Capital Pension Fund Limited, one of the Group Companies, received a certificate of commencement of business as a pension fund manager from the Pension Fund Regulatory and Development Authority (“PFRDA”) in 2009 and manages pension assets under the National Pension System (“NPS”).

Objects of the Issue 

The objects for which the company intends to use the net proceeds are as follows:
1. Setting up new branches and relocating certain existing branches.
2. Upgrading the IT system.
3. Advertising, marketing and brand building activities.
4. Lending to our Subsidiary (Reliance AIF) for investment as continuing interest in the new AIF schemes managed by Reliance AIF.
5. Investing towards our continuing interest in new mutual fund schemes managed by us.
6. Funding inorganic growth and other strategic initiatives.
7. Meeting expenses towards general corporate purposes.

Listing:

The equity shares of the company are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

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