Edinburgh-based asset management giant Standard Life Aberdeen said on Tuesday the proposed initial public offering (IPO) of its associate business in India, HDFC Asset Management Company Limited (HDFC AMC), will value Standard Life Investments’ shareholding at almost £1 billion.

Standard Life Aberdeen said: “The company notes that Housing Development Finance Corporation Limited has today announced that in connection with the proposed IPO of HDFC AMC … the price band for the IPO has been fixed at Rs.1,095 per equity share (being the floor price) to Rs.1,100 per equity share (being the cap price).

“Based on the floor price and cap price of the approved price band, this would imply that Standard Life Investments Limited’s current shareholding of 37.98% would be valued at between Rs.88.2bn (c.£970m) and Rs.88.6bn (c£975m).

“The announcement also confirmed that the IPO of HDFC AMC will be open for subscription to Anchor Investors on Tuesday 24 July 2018, and to the public on Wednesday 25 July 2018 and shall close on Friday 27 July 2018.”

Reuters reported that HDFC Asset Management Co Ltd’s initial public offering of shares next week seeks to raise as much as 28 billion rupees ($409.1 million) in one of the biggest IPOs in India this year.

Reuters said the mutual fund manager’s two biggest shareholders — mortgage lender Housing Development Finance Corp Ltd and Standard Life Aberdeen Plc — are selling a total 25.4 million shares, or a roughly 12% stake, in the IPO.

HDFC Asset Management will be the second mutual fund manager to be listed on the Indian bourses after Reliance Nippon Life Asset Management Ltd’s IPO last year.