Canara Robeco Asset Management targets Rs 5,300-cr valuation at Rs 253-266 a share

Canara Robeco IPO

Canara Robeco Asset Management Company is targeting a valuation of Rs 5,305 crore at the upper end with a price band of Rs 253-266 per share for its upcoming initial public offering.

The company is a joint venture between Canara Bank and ORIX Corporation Europe, a unit of Japan's ORIX Corporation. The issue will open for retail investor subscriptions on October 9, while anchor investors can submit their bids on October 8.

Canara Robeco's listing will be the fourth public issue in the mainboard segment opening this week along with the IPOs of Tata Capital (Rs 15,512 crore), LG Electronics India (Rs 11,607 crore) and Rubicon Research (Rs 1,377.5 crore).

Canara Robeco AMC's maiden public issue comprises of entirely offer-for-sale of 4.98 crore shares with no fresh issue component.

Promoters of Canara Bank will sell up to 2.59 crore equity shares and ORIX Corporation Europe NV will pare 2.39 crore shares via the 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.