UTI Asset Management Company Limited, India's oldest and the sixth largest asset management company is ready to launch an initial public offering (IPO) and will offer to sell 26-30% of its equity, three people with direct knowledge of the matter said, asking not to be identified. The stake reportedly comes from the holdings of the asset manager's four state-run sponsors, State Bank of India (NSEI:SBIN), Bank of Baroda (NSEI:BANKBARODA), Punjab National Bank (BSE:532461) and Life Insurance Corporation of India (LIC), all of whom have agreed to dilute their stake.