Sun Life Financial confirmed today the filing of a draft red herring prospectus with the regulatory authorities in India in respect of the proposed initial public offering by its India joint venture, Aditya Birla Sun Life AMC Limited. This filing was completed following approval of ABSLAMCand relevant approvals from Sun Life India AMC Investments Inc.and Aditya Birla Capital Limited.

ABSLAMC is India’s fourth largest asset management company by assets under management(AUM) with 49% owned indirectly by Sun Life through Sun Life AMC and 51% owned by ABCL. As part of the IPO, Sun Life AMC has agreed to sell up to 36,029,120 shares in ABSLAMC, representing approximately 12.5% of the paid up capital in ABSLAMC. Combined with ABCL’s sale of shares, the IPO is expected to result in a 13.5% public float for ABSLAMC. 

Sun Life has operated in India since 1999 through joint ventures with the Aditya Birla Group that includes 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.