unlocks value through listing of India Asset Management JV Aditya Birla Sun Life AMC trades on BSE and NSE following successful IPO
TORONTO, Oct. 12, 2021 /PRNewswire/ - Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) announced today that the offering of the company's indirect 12.5% holdings(1) in Aditya Birla Sun Life AMC Limited (ABSLAMC) generated proceeds of approximately C$430 million following a successful Initial Public Offering (IPO). Net of taxes and IPO transaction costs, Sun Life expects to record a gain of approximately C$300 million in the fourth quarter of 2021.
ABSLAMC's initial valuation was approximately C$3.4 billion, based on the IPO subscription which included a three day offer period between September 29 and October 1, 2021. After the IPO, Sun Life holds a 36.5% indirect ownership of the listed entity. ABSLAMC began trading on October 11, 2021 on the BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE) under the ticker symbols: ABSLAMC.BO and ABSLAMC.NS.
"India is one of the world's fastest growing and dynamic economies, and an important market for Sun Life for both asset management and life insurance solutions," said Kevin Strain, President and CEO of Sun Life. "We have a great partnership with the Aditya Birla Group and we look forward to the continued success of the business."
ABSLAMC is one of the largest asset management companies in India(2). The IPO highlights the value of ABSLAMC, reflecting a strong track record of performance, with an attractive product mix including fixed income, equities and alternatives, and a fast-growing retail presence in India. Between 2018 and 2020, ABSLAMC delivered strong net income growth at a 19% compounded annual growth rate.
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