Canara Robeco Asset Management Company, the second oldest asset management company in India, has filed red herring prospectus with the Registrar of Companies to open its initial public offering (IPO) for subscription on October 9.
This would be the fourth public issue (equity) in the mainboard segment opening next week along with Tata Capital (Rs 15,512-crore), LG Electronics India (Rs 11,607 crore), and Rubicon Research (Rs 1,377.50 crore) IPOs.
The IPO anchor book will be launched for a day on October 8, while the offer will remain open for the public till October 13. The company will finalise IPO share allotment by October 14, and make its debut on the bourses effective October 16.
Canara Robeco AMC's maiden public issue comprises of entirely offer-for-sale of 4.98 crore shares with no fresh issue component. This meant the company will not receive any IPO funds as all the offer proceeds (excluding offer expenses) will go to selling shareholders.
Promoters - Canara Bank will be selling up to 2.59 crore equity shares, and ORIX Corporation Europe NV 2.39 crore shares through offer-for-sale route, which is 25 percent of their total stake. Currently, they have 51 percent and 49 percent shareholding, respectively in the AMC.
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Incorporated in 1993, Canara Bank AMC, which managed 26 schemes as of June 2025, was earlier known as Canbank Investment Management Services managing the assets of Canbank Mutual Fund. In 2007, Canara Bank sold 49 percent equity stake in the AMC to ORIX Corporation Europe NV (previously known as Robeco Groep NV).
Canara Robeco AMC competes with four listed entities - HDFC AMC, Nippon Life India Asset Management, Aditya Birla Sun Life AMC, and UTI AMC - which all are bigger than the company in terms of revenue, showing a robust growth in QAAUM (quarterly average asset under management) at a CAGR of 28.60 percent between FY23 and FY25.
The financial numbers announced by Canara Bank AMC in the recent past periods has been healthy with profit in the quarter ended June 2025 growing 19.4 percent to Rs 61 crore, up from Rs 51.1 crore in corresponding period of previous fiscal. Revenue during the same period increased by 18.9 percent to Rs 121.1 crore, compared to Rs 101.8 crore.
Net profit in FY25 was at Rs 190.7 crore, soaring 26.3 percent from Rs 151 crore in previous fiscal, while revenue jumped 26.9 percent to Rs 403.7 crore, up from Rs 318.1 crore in the same period.
SBI Capital Markets, Axis Capital, and JM Financial are acting as the merchant bankers for managing the Canara Robeco AMC IPO.
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