UTI Asset Management, India’s second-largest mutual fund firm, has filed a draft prospectus for an initial public offering to raise about US$500 million, according to a term sheet obtained by Reuters, joining a crowded Indian equity issuance line-up.

The company plans to begin a marketing roadshow in early March ahead of a domestic listing scheduled for the first week of April, in a deal led by Citigroup (C.N: Quote, Profile, Research), Enam Securities and JM Financial (JMSH.BO: Quote, Profile, Research), the term sheet said.

The big IPO’s slated for the first half the year in India include the US$3 billion listing planned this month by Reliance Power Ltd, which would be the country’s largest IPO. Emaar MGF Land Ltd aims to raise up to US$1.5 billion ahead of a late February listing.

Indian companies are expected to raise $14.2 billion in initial public offerings this year, according to Thomson financial, topping the record US$8.26 billion raised in 2007.

Source : Reuters

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