Old Mutual unit's U.S. IPO to raise about $374 mln

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Sept 23 (Reuters) - OM Asset Management Ltd (IPO-OMAM.N), a unit of Anglo-South African financial group Old Mutual Plc (Other OTC: ODMTY - news) , is expected to raise about $374 million in its initial public offering.

The U.S. asset management business of Old Mutual said on Tuesday it expected its IPO of 22 million shares to be priced between $15 and $17 each, valuing it at about $2.04 billion at the top end of the range.

OM Asset Management, which operate through seven boutique asset management firms, managed about $214.9 billion of assets as of June 30.

BofA Merrill Lynch, Morgan Stanley (Xetra: 885836 - news) , Citigroup (NYSE: C - news) and Credit Suisse are among the major underwriters for the offering.

Old Mutual, which is selling all the shares, will continue to hold a 77.9 percent stake in the asset manager after the offering if the underwriters exercise their full options.

The asset manager will pay its parent company a pre-IPO special dividend of $175 million, according to documents filed with the U.S. Securities and Exchange Commission. (http://1.usa.gov/1yoiSMW)

OM Asset Management's net loss from continuing operations fell to $51.9 million in the six months ended June 30, from $74 million a year earlier. Revenue rose about 12.6 percent to $529.7 million. (Reporting by Avik Das in Bangalore; Editing by Saumyadeb Chakrabarty and Maju Samuel)