IPO

UTI AMC, the second largest AMC in India in terms of total AUM, is 8th largest in terms of QAAUM (`1,33,600cr) as of June 30, 2020. In terms of live folios, UTI AMC accounts for 12.2% of the 89.7mn industry folios as of March 31, 2020. Outlook & Valuation: At the upper end of

UTI AMC the 2nd largest Asset management company in terms of Total AUM while it is 8th largest AMC in terms of Mutual fund QAAUM as of June 2020. With a total AUM of Rs 1.3Tn as of June 2020, it commands a market share of 5.4% in the industry. Client base accounts of 12.2% (10.9mn folio) out of total industry folio of 89.7mn folio. AMC revenues and PAT declined from FY18 to FY20 but has high shares of B-30 centers in AUM at 24% vs 15.1% for the industry which provide growth opportunities. At upper price band, IPO is priced at a P/E of 25.7x and P/AUM of 5.3% which is discount to its peers AMC (Nippon India P/E of 37.7x, P/AUM of 6.1% and HDFC AMC with P/E of 35.6x...

IPO NOTE

IPO NOTE

UTI AMC, the eighth largest AMC in India, is a dominant player in beyond T30 cities (B30) market. The growth for the company in last four years was largely driven by passive funds as it bagged chunky public investments in ETFs, pension and retirement funds. The Co witnessed steady healthy 15% QAAUM CAGR over the same period led by strong distribution franchise, sticky client base, strengths in managing retirement (2nd highest) and PMS funds. However lower yields on passive/alternate funds, higher cost structures and current pandemic led headwinds would cap near term return profile....

UTI AMC, the eighth largest AMC in India, is a dominant player in beyond T30 cities (B30) market. The growth for the company in last four years was largely driven by passive funds as it bagged chunky public investments in ETFs, pension and retirement funds. The Co witnessed steady healthy 15% QAAUM CAGR over the same period led by strong distribution franchise, sticky client base, strengths in managing retirement (2nd highest) and PMS funds. However lower yields on passive/alternate funds, higher cost structures and current pandemic led headwinds would cap near term return profile....

Strong order book to provide long term revenue visibility MDL's order book as on July 31, 2020 from its shipbuilding and submarine & heavy engineering segment is at | 54074 crore comprising three major shipbuilding projects and two submarine projects. The strong order book provides long term revenue visibility. MDL expects to have a decent order pipeline in the next one to three years with several projects lined up from Indian Navy and Indian Coast Guard worth ~between | 20000 and | 30000 crore. MDL believes it has the competitive advantage for mega projects like...

Mazagon Dock Shipbuilders Ltd (MDSL) is Indias leading defence public sector undertaking shipyard under the Ministry of Defence (MoD). Mazagon Dock is primarily engaged in constructing and repairing warships and submarines for MoD and other types of vessels i.e. cargo ships, multipurpose support vessels, barges and border outposts, tugs, dredgers, water tankers, etc. for commercial

UTI Asset Management Company Limited - IPO Note Issue Open: Sept 29 Oct 01, 2020 Price Band: Rs. 552 554 Issue Size: 38,987,081 eq shares (Entirely Offer for sale) Issue Size: Rs. 2152.1 2159.9 cr Reservation for: QIB Upto 19,393,540 eq sh Non Institutional atleast 5,818,062 eq sh Retail atleast 13,575,479 eq sh Employee Upto 200,000 eq sh

UTI Asset Management Company (AMC) was incorporated in 2002. UTI AMC & its predecessor (Unit Trust of India) have been active in the asset management company for more than 55 years, having established as the first mutual fund in India. UTI is the second largest AMC in terms of total AUM (Asset under Management) and eighth largest AMC in terms of mutual fund QAAUM (Quarterly Average Asset Under Management) as of June 30, 2020 as per CRISIL. UTI manages the domestic mutual funds of UTI Mutual Fund, provides portfolio management services (PMS) to institutional & high net worth...