MUMBAI: 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.

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 an about 12 percent stake, in the IPO that will take subscriptions from July 25-27.

The shares are being sold in a price range of 1,095 rupees to 1,110 rupees.

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

Indian companies raised $3.4 billion from IPOs in the first half of 2018 following a record $11 billion fund-raising in 2017, according to data compiled by Reuters.