The initial public offering (IPO) of Canara Robeco Asset Management Company was a success, having seen a nearly 10 times overall subscription. The mainboard issue, which was entirely an offer for sale (OFS) of 4.99 crore shares of ₹1,326.13 crore, opened for public subscription on Thursday, October 9, and concluded on Monday, October 13. Share allotment was finalised on Tuesday, October 14.
Now, the focus is on the listing of the issue. Canara Robeco shares will debut on the NSE and the BSE on Thursday, October 16.
Canara Robeco IPO GMP ahead of listing
The grey market expects the stock to list at a modest premium. According to grey market sources, the latest grey market premium (GMP) of Canara Robeco shares was ₹11. Considering the upper price of the issue of ₹266, the latest GMP trend indicates the stock could be listed at ₹277, at a premium of 4 per cent.
Canara Robeco IPO details
The issue was an OFS in which Canara Bank and ORIX Corporation Europe N.V. were the two promoter selling shareholders.
Canara Bank was selling up to 2,59,24,266 shares, while ORIX Corporation was offloading 2,39,30,091 shares in the OFS.
MUFG Intime India Private Ltd was the registrar of the public issue, while SBI Capital Markets, Axis Capital, and JM Financial were the book-running lead managers.
Canara Robeco’s business
The company claims to be India’s second-oldest asset management company. Its primary activities include managing mutual funds and providing investment advice on Indian equities to Robeco Hong Kong Limited, a member of its promoter group.
Its total revenue from operations for FY23 was ₹2,045.95 million, ₹3,180.90 million in FY24 and ₹4,036.95 million in FY25.
Profit for FY23 was ₹790.01 million, ₹1,509.95 million in FY24 and ₹1,907.04 million in FY25.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
