Canara Robeco Asset Management Company files draft papers for IPO with Sebi

Canara Robeco Asset Management Company, the investment manager of Canara Robeco Mutual Fund (MF), has filed preliminary documents with the Securities and Exchange Board of India (Sebi) to launch an initial public offering (IPO).

 

The IPO is entirely an offer for sale (OFS) by state-owned Canara Bank and foreign partner Orix Corp (formerly Robeco Group).

 

Canara is looking to sell a 13 per cent stake (25.92 million shares), while Orix will divest a 12 per cent stake (23.93 million shares). Currently, Canara Bank holds a 51 per cent stake, while Orix holds 49 per cent.

 

Canara Robeco MF is the 17th largest fund house in India with average assets under management (AUM) of Rs 1 trillion in the fourth quarter of financial year 2024-25 (FY25). The fund house manages this AUM through 25 schemes, including 13 active equity funds.

 

According to the draft red herring prospectus (DRHP), equity schemes accounted for 92 per cent of the MF AUM in March 2024.

 

At present, pure-play asset management companies (AMCs) in the listed space are HDFC AMC, Nippon Life India, Aditya Birla Sun Life (ABSL), and UTI AMC. The last listing, that of ABSL, happened in 2021. In the same year, SBI MF had planned to come out with an IPO. Later, it shelved the plan.

 

As of March 2025, there were 49 registered mutual funds in India.

 

Canara Robeco MF, the second-oldest mutual fund in India, was set up in 1993 as Canbank Mutual Fund. In 2007, Canara Bank partnered with Robeco (now a part of Orix Corporation) and the mutual fund was renamed Canara Robeco MF.