Canara Robeco Asset Management Company Limited, a subsidiary of Canara Bank, has received regulatory approval from the Securities and Exchange Board of India (SEBI) for its Updated Draft Red Herring Prospectus (UDRHP) on September 29, 2025.
“In furtherance to our above referred letter on the captioned subject, Stock Exchanges are hereby informed that Canara Robeco Asset Management Company Limited, Subsidiary of Canara Bank has received approval from SEBI for UDRHP (herein referred to as ‘Updated Draft Red Herring Prospectus’) on September 29, 2025,” Canara Bank said in an exchange filing.
The approval marks a key milestone in the company’s journey towards its initial public offering (IPO), allowing it to move forward with the next steps in the capital-raising process.
Canara Robeco Asset Management, known for its diverse suite of mutual fund products, is expected to leverage the IPO proceeds for strategic initiatives, expansion of its fund offerings, and strengthening its market presence. While the exact timelines for the IPO subscription and listing will be announced subsequently, SEBI’s approval of the UDRHP sets the stage for the company to move closer to going public.
Canara Robeco Asset Management Company IPO
Earlier this month, Canara Robeco Asset Management Company, the subsidiary of PSU lender Canara Bank, received approval from the capital markets regulator SEBI to launch its initial public offering (IPO).
India’s second-oldest asset management company obtained final observations on its draft papers from SEBI on September 10, paving the way for the IPO launch within the next year. This approval enables the AMC to file its Red Herring Prospectus (RHP) with the Registrar of Companies to raise funds through the public issue.
The company had initially submitted preliminary papers to SEBI on April 24 this year to raise capital via the IPO. The issue will comprise entirely an offer-for-sale (OFS) of 4.98 crore shares by the promoters. As a result, the proceeds from the IPO will be received solely by the selling shareholders, and the AMC itself will not raise any fresh funds. The primary objective of the IPO is to facilitate this OFS and secure a listing on stock exchanges.
Canara Bank and foreign promoter ORIX Corporation Europe NV hold 51 percent and 49 percent stakes in the AMC, respectively. Under the IPO, Canara Bank is set to sell 2.59 crore shares, while ORIX Corporation Europe NV will offload 2.39 crore shares through the OFS.
The AMC was originally incorporated in 1993 as Canbank Investment Management Services to manage the assets of Canbank Mutual Fund, which was entirely owned by Canara Bank. In 2007, Canara Bank sold its 49 percent equity stake to ORIX Corporation Europe NV, and the company was subsequently renamed Canara Robeco Asset Management Company.
The IPO will be managed by SBI Capital Markets, Axis Capital, and JM Financial, who have been appointed as the merchant bankers for the issue.
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