UTI Asset Management, India's second-largest mutual fund firm, has filed papers for its initial public offer for 4.85 crore equity shares with the Securities and Exchange Board of India.

The IPO is estimated to raise close to Rs 2,000 crore (about $500 million). Its four sponsors and the selling shareholders are State Bank of India, Life Insurance Corporation of India, Punjab National Bank and Bank of Baroda.

UTI AMC, along with its subsidiaries, manages domestic mutual funds, as well as provides portfolio management services and manages overseas funds, venture capital and private equity funds. Its total assets under management stood at Rs 49,541.8 crore as of September 30, 2007.

The company after its IPO, will become the first mutual fund house to be listed on the Indian stock exchanges.

The shares are proposed to be listed on the National Stock Exchange and Bombay Stock Exchange.

The lead managers to the issue are Goldman Sachs (India) Securities, UBS Securities, ICICI Securities, SBI Capital Markets and CLSA India.