The initial public offering (IPO) of Canara Robeco Asset Management Company opens for subscription on Thursday, October 09. The mutual fund player is offering its shares in the range of Rs 253-266 apiece and investors can apply for a minimum of 56 equity shares and its multiples thereafter.
The issue shall close for bidding on Monday, October 13.
Canara Robeco Asset Management Company is looking to raise a total of Rs 1,326.13 crore via IPO, which is entirely an offer-for-sale of up to 4,98,54,357 equity shares. The company will not receive any proceeds from the issue. Last heard, Canara Robeco commanded a grey market premium (GMP) of Rs 35 per shares, suggesting 13-14 per cent gains for investors.
Incorporated in 1993, Mumbai-based Canara Robeco Asset Management Company (CRAMC) is an asset management firm in India, serving as the investment manager for Canara Robeco Mutual Fund, offering a diverse range of investment options, including equity, debt, and hybrid schemes. It operates as a joint venture between Canara Bank and Orix Corporation Europe NV.
Canara Robeco raised Rs 397.8 crore from 25 anchor investors as it allocated 1.49 crore shares at Rs 266 apiece. Its anchor book included names like Pinebridge Global Funds, IIFL Asset Management, Bajaj Allianz Life Insurance, Aditya Birla Sun Life Insurance, Kotak Mahindra Life and Steinberg India Emerging Opportunities Fund and others.
For the three-months ended on June 30, 2025, Canara Robeco reported a net profit of Rs 60.68 crore with a revenue of Rs 121.34 crore. The company clocked a net profit of Rs 190.70 crore with a revenue of Rs 404 crore for the financial year 2024-25. The company shall command a total market capitalization more than Rs 5,300 crore.
Canara Robeco Asset Management has reserved 50 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will have 15 per cent of allocation. The quota for retail investors has been fixed at 35 per cent in this IPO.
Axis Capital, JM Financial and SBI Capital Markets are the book running lead managers for the Canara Robeco Asset Management Company IPO and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Thursday, October 16. Here’s what a host of brokerage firms are suggesting for the IPO of Canara Robeco:
Anand Rathi Share & Stock Brokers
Rating: Subscribe for long-term
Canara Robeco AMC is a well-established and trusted brand with a long-standing legacy and strong institutional backing. Its operations are guided by a seasoned professional management team and supported by robust corporate governance practices. It offers a well-diversified portfolio of equity products driven by a rigorous, research-based investment approach, said Anand Rathi.
“It also benefits from an extensive, multi-channel sales and distribution network spread across India. It continues to witness steady growth in the share of AUM contributed by individual investors and through SIP inflows. It is valued at P/E of 27.8 times to its FY25 earnings. We believe that the IPO is fully priced and recommend a ‘subscribe for long term’ rating,” it added.
Arihant Capital Markets
Rating: Subscribe
Canara Robeco as India’s second-oldest AMC, has delivered 28.6 per cent AUM CAGR and 30.9 per cent growth in equity-oriented schemes between FY23-FY25. Backed by strong parentage, a wide retail-focused distribution network of over 52,000 partners, and expanding presence across smaller cities, the company is well placed to capture incremental market share, said Arihant Capital.
“With sustained profitability, RoE, and focus on diversifying into debt and hybrid products, it is entering its next growth phase. Its technology led initiatives such as digital onboarding, mobile app engagement, and distributor portals along with a research-driven investment approach poised to benefit from India’s rising mutual fund penetration,” it added with ‘subscribe for long-term’ tag.
Ventura Securities
Rating: Subscribe
Canara Robeco has a robust corporate governance framework, ensuring transparency and compliance with SEBI regulations. It has established an experienced investment team with over 400 years of combined industry experience. This expertise, coupled with strong leadership, has contributed to its stable market positioning and impressive financial growth, said Ventura Securities.
“Canara Robeco AMC plans to continue expanding its portfolio by launching new schemes tailored to market needs. It is focused on enhancing its digital offerings, improving customer interactions, and strengthening distributor relationships. With its forward-looking strategy, Canara Robeco AMC is well positioned to capitalize on future growth opportunities,” it said with a ‘subscribe’ tag.
SMIFS
Rating: Subscribe
Canara Robeco AMC offers a compelling long-term value proposition with strong potential for earnings compounding and market share gains in India’s rapidly financializing economy, said SMIFS. “We recommend to subscribe to the issue as a good long term investment as the industry has a lot of growth potential combined with strong management credentials and fair valuations.”
BP Equities
Rating: Subscribe
Canara Robeco is well-positioned to benefit from the projected 16-18% CAGR growth in India’s mutual fund industry over FY 2025-30 period. The company trades at a P/E of 27.8 times based on FY25 earnings, said BP Equities. “Given its strong fundamentals, long legacy, and execution-focused strategies, we recommend a ‘subscribe’ rating for long-term perspective,” it said.