Subscribe for Canara Robeco Asset Management Co Ltd IPO; Ajcon Global

IPO

The second-oldest asset management company ("AMC") in India is Canara Robeco Asset Management Co. Ltd. (CRAMCL). Its main duties include administering mutual funds and advising Robeco Hong Kong Limited ("Robeco HK"), a Promoter Group member, on investments in Indian stocks. With a quarterly average asset under management ("QAAUM") of ₹1,110.52 billion as of June 30, 2025, it controlled 26 schemes, including 12 equity schemes, 10 debt schemes, and four (4) hybrid schemes. Canara Bank owns all of the equity share capital of the corporation, which was established in 1993 as Canbank Investment Management Services Limited to handle the assets of Canbank Mutual Fund. It then changed its name to Canara Robeco Asset Management Company Limited, a joint venture, in 2007 after Canara Bank and ORIX Corporation Europe N.V. (formerly known as Robeco Grope N.V. (“Robeco”)) (“OCE”) reached an agreement whereby Robeco purchased a 49% stake in the company while Canara Bank kept the remaining 51%.

At the upper price band of ₹266, the issue is valued at a P/E multiple of ~27.82x on its FY25 EPS of ₹9.56 post IPO. We give a ‘SUBSCRIBE’ rating to the issue for the following reasons.

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