Canara Robeco IPO: Canara Robeco Asset Management Company’s much-awaited initial public offering (IPO) opens for subscription today, October 9, and will continue until October 13.
The IPO is entirely an offer for sale (OFS) of 4.98 crore shares, with no fresh issue component.
Canara Robeco IPO Price Band
The IPO has been priced in a band of Rs 253 to Rs 266 per share, giving Canara Robeco a valuation of roughly Rs 5,300 crore at the upper end.
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Canara Robeco IPO Lot Size
The lot size for an application is 56. The minimum amount of investment required by a retail investor is Rs 14,896, which will consist of 56 shares.
Canara Robeco IPO OFS
Under the OFS, Canara Bank, which holds a 51 per cent stake in Canara Robeco, will offload 2.59 crore shares, while ORIX Corporation Europe N.V., holding the remaining 49 per cent, will sell 2.39 crore shares.
Since it is an OFS, the proceeds from the IPO will go entirely to the selling shareholders, and the company itself will not receive any funds.
The issue allocation follows the usual regulatory norms, with 50 per cent reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors, and 15 per cent for non-institutional investors.
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Canara Robeco Company Profile
Canara Robeco is one of India’s oldest asset management companies, providing mutual fund management and investment advisory services on Indian equities.
The company was originally floated by state-run Canara Bank in 1993 and later partnered with Robeco, now part of ORIX, in 2007.
It operates in a competitive space alongside listed asset managers such as HDFC Asset Management Company, Nippon Life India Asset Management, and UTI Asset Management Company.
Canara Robeco IPO Listing Date
The shares of Canara Robeco are expected to list on the stock exchanges on October 16.
Canara Robeco IPO Anchor Investors
The IPO has already seen strong support from anchor investors, who have subscribed to shares worth Rs 398 crore ahead of the public launch.
The anchor book attracted participation from leading institutional investors, including SBI Mutual Fund, ICICI Prudential Mutual Fund, Nippon India Mutual Fund, Kotak Mahindra Mutual Fund, Franklin India Mutual Fund, HSBC Mutual Fund, Motilal Oswal Mutual Fund, PineBridge Global Funds, Kotak Mahindra Life Insurance, Aditya Birla Sun Life Insurance, and Bajaj Allianz Life Insurance.
