MUMBAI: Canara Robeco Asset Management Company, the second oldest fund house in the country, has filed preliminary papers with the markets watchdog Sebi to raise funds via initial public offering which will only be an offer for sale without any fresh issue, from which it is likely to raise Rs 800-1,000 crore.
The final size of the issue will be disclosed after the price discovery but investment banking sources told TNIE that they expect the issue size to be in the Rs 800 crore to Rs 1,000 crore range.
According to draft IPO papers, the OFS will see promoters -- Canara Bank and Orix Corporation Europe NV--offloading 4.98 crore shares, with no fresh issue component and therefore, no money will come to the company.
Of this, the state-run Canara Bank plans to sell 2.59 crore shares, and the Japanese conglomerate Orix Corporation-owned subsidiary Orix Corporation NV (previously known as Robeco Groep) will be selling the remainder 2.39 crore shares.Incorporated in 1993, Canara Robeco AMC is a joint venture company between Canara Bank and Orix Corporation Europe with a 51:49 per cent shareholding ratio.
As of December 2024, it managed 25 schemes comprising 12 equity schemes, 10 debt schemes and three hybrid schemes with a quarterly average asset under management of Rs 1,08,366 crore.
Profit for the nine months period to December 2024 stood at Rs 149 crore, growing 40.3 per cent from a revenue of Rs 302.9 crore, which rose 35.9 per cent -on-year. The numbers for FY24 stood at Rs 151 crore up 91.1 per cent and Rs 318 crore up 55.5 per cent, respectively.