Canara Robeco Announces IPO: Key Details Revealed

Canara Robeco Asset Management Company has set its IPO price band at Rs 253-266 per share, valuing the company at approximately Rs 5,300 crore at the top end. The Rs 1,326 crore IPO, an Offer For Sale, opens on October 9 and includes shares from Canara Bank and ORIX Corporation.

Canara Robeco Asset Management Company has outlined a price band of Rs 253-266 per share for its forthcoming Initial Public Offering (IPO), which pegs the company's valuation at approximately Rs 5,300 crore at the upper limit.

The IPO, which amounts to Rs 1,326 crore, is scheduled to open for subscription on October 9 and close on October 13. Notably, October 8 will see a special one-day bidding session for anchor investors.

The public offering is purely an Offer For Sale (OFS) comprising 4.98 crore equity shares, without any fresh issue component. Promoters Canara Bank and ORIX Corporation Europe NV will each release 2.59 crore and 2.39 crore shares, respectively. Consequently, funds from the IPO will not be received by Canara Robeco, but will benefit the selling shareholders.

(With inputs from agencies.)