Canara Robeco Asset Management Company has filed draft red herring prospectus (DRHP) with SEBI for an initial public offering .
Canara Bank and ORIX Corporation Europe NV 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 includes 25,924,266 equity shares by Canara Bank and up to 23,930,091 equity Shares by ORIX Corporation Europe NV.
Canara Robeco AMC is the 17th largest fund house. It logged an average AUM of ₹1.08 lakh crore as of December-end. It manages 25 schemes comprising 12 equity schemes, 10 debt schemes and three hybrid schemes.
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’s quarterly average AUM has grown at a CAGR of 35 per cent between March 2022 and March 2024, compared to industry growth of 19 per cent.
The fund house 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 last December-end.
Post-IPO, the equity shares of the company will be listed on BSE and NSE.
SBI Capital Markets, Axis Capital and JM Financial are the Book Running Lead Managers to the issue.
Currently, there are four mutual funds — Nippon India MF, HDFC MF, Birla MF and UTI MF — are listed on the stock exchanges. SBI MF had planned to come out with an IPO, but later shelved the plan. As of March, there were 49 registered mutual funds in India.