Sun Life Financial filed of a draft red herring prospectus with the regulatory authorities in India on 19 April for a proposed initial public offering by its India joint venture, Aditya Birla Sun Life AMC (ABSLAMC).
A red herring prospectus contains most of the information relating to the listing but excludes certain key details, for example its price.
Canada-headquartered Sun Life has operated in India since 1999 through joint ventures with the Aditya Birla Group; which include asset management, life insurance and pension management.
The IPO will be subject to supportive market conditions, as well as corporate, regulatory and other approvals, as applicable or required.
Public float
ABSLAMC is India’s fourth largest asset management company by assets under management, according to the firm.
It is 49% owned indirectly by Sun Life through Sun Life AMC and 51% owned by Aditya Birla Capital Limited (ABCL).
As part of the IPO, Sun Life AMC has agreed to sell up to 36,029,120 shares, representing approximately 12.5% of ABSLAMC.
Combined with ABCL’s sale of shares, the IPO is expected to result in a 13.5% public float.
