Canara Robeco Asset Management Company Limited files DRHP with SEBI for an IPO

Canara Robeco Asset Management Company Limited, India’s second oldest asset management company (“AMC”) (Source: CRISIL Report) has filed Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering (IPO).

Canara Bank and ORIX Corporation Europe N.V are the promoters of the company.

The offer comprises of an Offer for sale of up to 49,854,357 equity shares of face value of ₹10 each, (The “Offer for Sale”) including up to 25,924,266 equity Shares by Canara Bank; and up to 23,930,091 equity Shares by ORIX Corporation Europe N.V (“Promoter Selling Shareholders”).

Canara Robeco Asset Management Company Limited’s primary activities include managing mutual funds and providing investment advice on Indian equities. As of December 31, 2024, it manages 25 schemes comprising 12 equity schemes, 10 debt schemes and three hybrid schemes with a quarterly average AUM of ₹ 1,083.66 billion as of December 31, 2024. The company has a multi-channel sales and distribution network that allows it to offer products and services to its customers. This network includes third-party distributors, and sales made through its branches, and digital platforms.

The company has witnessed a robust growth in its QAAUM growing at a CAGR of 34.75% between March 31, 2022, to March 31, 2024, compared to industry growth of 18.8% (Source: CRISIL Report). The same report adds that the company had the third highest share of equity (including equity-oriented hybrid) AUM as of and compared to the top 10 AMCs in India, had the highest share of equity-oriented AUM as of December 31, 2024.

The equity shares are proposed to be listed on the stock exchanges being BSE Limited (the “BSE”) and National Stock Exchange of India Limited (the “NSE”, and together with the BSE, the “Stock Exchanges”).

SBI Capital Markets Limited, Axis Capital Limited and JM Financial Limited are the Book Running Lead Managers to the issue.