HDFC AMC IPO: Ahead of HDFC AMCs IPO slated to open next week, Deepak Parekh notes that Indian AMCs have a huge opportunity for growing their assets under management (AUM) going forward. If you see the assets under management as a percentage of GDP, India is very low at just 13%. China is at 40%, three times more. We are far behind China, but not that far,\u201d Deepak Parekh told in an interview to ET Now. According to the veteran banker, the developed countries is much more at 70-80%. Global average of AUM to GDP is 62%. \u201cIndia is at 13%, I see that number going up to 30 in the next 5-10 years. Out of the total 1.2 billion people in India only 2% have equity. This is among the least in the world. 4% of all equities are owned by all mutual funds put together,\u201d he noted. In a press conference yesterday, the veteran industrialist noted that the time was ripe for HDFC mutual fund\u2019s IPO. \u201cThe years ahead for the mutual fund industry are promising with greater financialisation of savings, rising incomes of the Indian middle-class and increased Indian aspirations for a better future. HDFC AMC looks forward to the journey of deepening the penetration of mutual funds in India and setting new market benchmarks,\u201d he said. Taking stock of the stupendous growth in last few years, Parekh said that after demonetisation India has suddenly seen a spurt in savings. \u201cThis has happened as other asset classes are not looking as attractive. Gold is not an option, as in the five years there has been no significant appreciation. Real-estate has not grown much, the rental yields have come down,\u201d he noted. \u00a0 Explaining the growth of the current business, Milind Barve, MD of HDFC AMC said that the house has its product mix skewed to the high margin equity funds. \u201cWe should be able to maintain the margins and remain competitive going forward. We have a product mix biased towards the equities as compared to debt or fixed income. We need to focus on high margin equity business, that\u2019s where the revenue comes from. We will be able to control costs, and that\u2019s something we have managed in the past,\u201d he told the channel. \u00a0 HDFC Asset Management, the second largest mutual fund company in India, will launch its Rs 2,800 crore initial public offering (IPO) on 25 July. Notably, this is the 5th listing within the HDFC group of companies. The price band has been fixed at Rs 1,095-1,100 per share.