Over two decades old mutual fund industry is suddenly entering the IPO market. There is no urgency as the business model doesn't require capital infusion, but the equity dilution would certainly unlock the value of sponsors. The AMCs per se doesn't get higher valuations like life insurance companies, banks or general insurance industry. The AMCs often get valued as a percentage of their Asset Under Management. Reliance Nippon AMC recently got listed, while HDFC AMC would be entering the market next week. Let's look at how the HDFC AMC will be valued in the market.