Canara Robeco
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 16 Oct 2025 | ₹20 | +7.52% | ₹900 | ₹286 | ₹1,120 |
| 15 Oct 2025 | ₹22 | +8.27% | ₹900 | ₹288 | ₹1,232 |
| 14 Oct 2025 | ₹11 | +4.14% | ₹500 | ₹277 | ₹616 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- Listing date
- 16 Oct 2025
- Face value
- ₹10 per share
- Issue price
- ₹266 per share
- Lot size
- 56 shares
- Total issue size
- ₹1,326 Cr
- Market cap at offer price
- ₹5,305 Cr
- Promoter holding
- 100.00% → 75.00% pre-issue → post-issue
- ISIN
- INE218I01013
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- SBI Capital Markets Ltd.
- Registered office
- Construction House, 4th Floor, 5, Walchand Hirachand Marg, Ballard Estate, Fort, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 1,49,56,306 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 56 shares per lot, in multiples, at ₹266
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 56 | ₹14,896 |
| Retail (max) | 13 | 728 | ₹1,93,648 |
| S-HNI (min) | 14 | 784 | ₹2,08,544 |
| S-HNI (max) | 67 | 3,752 | ₹9,98,032 |
| B-HNI (min) | 68 | 3,808 | ₹10,12,928 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹266 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.56 | 12.23 |
| P/E (×) | 27.82 | 21.75 |
| Price to book (×) | 8.84 | — |
| Market cap | — | ₹5,305 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 36.17%
- PAT margin
- 47.24%
- EBITDA margin
- 65.37%
- NAV per share
- ₹30.09
- Price to book
- 8.84
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Canara Robeco
Canara Robeco Asset Management Company Limited was incorporated as 'Canbank Investment Management Services Limited' on March 2, 1993, and received a certificate for commencement of business on May 10, 1993. The company was renamed 'Canara Robeco Asset Management Company Limited' in 2007 following a shareholders agreement between promoter Canara Bank and ORIX Corporation Europe N.V. (formerly Robeco Groep N.V.). As of June 30, 2025, the company managed 26 schemes comprising 12 equity schemes, 10 debt schemes and four hybrid schemes with a quarterly average AUM of ₹1,110.52 billion. The company generates revenue primarily through management fees charged for managing mutual fund assets, with management fees representing 76.58% of revenue from operations in the three months ended June 30, 2025. It operates a multi-channel distribution network including third-party distributors, branch networks, and digital platforms.
Company Analysis
from RHPCanara Robeco Asset Management Company Limited is an asset management company that manages mutual funds and provides investment advice on Indian equities across equity, debt, and hybrid schemes.
Canara Robeco Asset Management Company Limited was incorporated as 'Canbank Investment Management Services Limited' on March 2, 1993, and received a certificate for commencement of business on May 10, 1993. The company was renamed 'Canara Robeco Asset Management Company Limited' in 2007 following a shareholders agreement between promoter Canara Bank and ORIX Corporation Europe N.V. (formerly Robeco Groep N.V.). As of June 30, 2025, the company managed 26 schemes comprising 12 equity schemes, 10 debt schemes and four hybrid schemes with a quarterly average AUM of ₹1,110.52 billion. The company generates revenue primarily through management fees charged for managing mutual fund assets, with management fees representing 76.58% of revenue from operations in the three months ended June 30, 2025. It operates a multi-channel distribution network including third-party distributors, branch networks, and digital platforms.
Objects of the Issue
- Carry out the Offer for Sale of Equity Shares by the Promoter Selling Shareholders Up to ₹[●] million (49,854,357 Equity Shares of face value of ₹10 each) p.22
- Achieve the benefits of listing the Equity Shares on the Stock Exchanges p.22
- The Company will not receive any proceeds from the Offer for Sale p.86
- Listing benefits and achievement of enhanced visibility and brand, and to provide liquidity to existing shareholders p.130
Issue Structure
- Total Issue
- Up to 49,854,357 Equity Shares of face value of ₹10 each aggregating up to ₹[●] million
- Fresh Issue
- Not applicable
- Offer for Sale
- Up to 49,854,357 Equity Shares of face value of ₹10 each aggregating up to ₹[●] million
- Price Band
- ₹[●] to ₹[●] per Equity Share (Floor Price to Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares
- Face Value
- ₹10 each
Business Model
The company earns revenue primarily from management fees charged on assets under management (AUM) for managing mutual fund schemes. As of June 30, 2025, management fees represented 76.58% of total revenue from operations. The company also generates income from advisory fees and other investment-related services. As of June 30, 2025 and June 30, 2024, 73.45% and 75.82% respectively of monthly average AUM were generated from third-party distributors, with the remainder from direct channels.
Business Segments
SWOT Analysis
- • Established asset management business with diversified product portfolio(p.21)
- • Multi-channel distribution network reaching customers across India(p.21)
- • Backing of two strong promoters - Canara Bank and ORIX Corporation(p.21)
- • Fastest-growing major economy globally(p.160)
- • Highest nominal GDP per capita growth among emerging and developed economies(p.160)
- • Largest young working-age population globally(p.163)
- • Largest share of young working population (15-30 years) among major economies(p.163)
- • Robust household savings rate exceeding global average(p.166)
- • Improving financial inclusion and bank account penetration(p.169)
- • Joint venture structure with strong parents(p.342)
- • Diversified portfolio of assets under management(p.353)
- • Strong revenue growth from asset management services(p.338)
- • Consistent profitability with strong margins(p.338)
- • Leading equity-oriented AUM share among top AMCs(p.395)
- • Strong growth in equity-oriented QAAUM(p.395)
- • Research-driven investment approach(p.395)
- • Pan-India distribution network with strong B-30 presence(p.396)
- • Well-diversified portfolio across asset classes(p.395)
- • Strong profitability with high PAT margins(p.410)
- • Significant underperformance of certain schemes vs benchmarks(p.37)
- • Heavy dependence on third-party distributors for majority of AUM(p.42)
- • High concentration of AUM in equity-oriented schemes with inherent volatility(p.40)
- • Geographic concentration with over 60% MAAUM from five states(p.25)
- • Dependence on key personnel and investment team(p.44)
- • Time-limited trademark license agreements requiring brand transition(p.25)
- • Geographical concentration of customer base creates operational risk(p.47)
- • Regulatory compliance issues - GST show cause notice against CRMF(p.47)
- • Past SEBI violations related to mutual fund regulations(p.47)
- • Delays in statutory payment compliance(p.53)
- • Missing corporate records and filing discrepancies(p.56)
- • Delay in filing Form FC-GPR with RBI for bonus issue(p.57)
- • Multiple instances of incorrect regulatory filings to SEBI(p.60)
- • No registered trademarks; dependency on licensed brands(p.66)
- • Contingent liabilities from disputed income tax demand(p.64)
- • High concentration of retail investors (99.01% of folios)(p.58)
- • Significant gap in financial literacy remains(p.169)
- • Low mutual fund penetration relative to global standards(p.204)
- • Limited awareness of mutual funds among population(p.212)
- • Significant lease obligations and operating costs(p.337)
- • Deferred tax liability position(p.337)
- • Disputed income tax demand(p.367)
- • Heavy dependence on single fund for revenue(p.422)
- • Trademark license agreements expire within two years(p.441)
- • Dependence on Robeco trademark license with termination risk(p.441)
- • Mandatory brand transition requirement(p.441)
- • Growth in Indian mutual fund industry driven by rising retail participation(p.21)
- • Expansion potential in underserved B-30 cities beyond top 30 metros(p.14)
- • Expansion through new scheme launches and product diversification(p.48)
- • Enhanced digital platforms and personalized investment experience(p.51)
- • Government initiatives driving financial inclusion and digital infrastructure(p.162)
- • Digital India program expanding digital access and financial services(p.163)
- • Rising urbanization driving investments and consumer services(p.164)
- • Increased SIP adoption and mutual fund market growth(p.183)
- • Strong capital markets development and retail participation expansion(p.176)
- • Mutual fund industry projected to reach ₹147-155 trillion by Fiscal 2030(p.200)
- • Portfolio management services expansion(p.342)
- • Capacity for growth in assets under management(p.364)
- • Growing asset management industry(p.349)
- • International advisory services potential(p.349)
- • Growth in B-30 cities markets(p.396)
- • Digital expansion initiatives(p.396)
- • Distributor digital empowerment(p.396)
- • Increased market innovation and competition driving product development(p.397)
- • Extensive SEBI regulation and compliance risk with potential for penalties(p.38)
- • Market volatility and economic downturns impact on AUM and management fees(p.25)
- • Volatility in equity and debt markets affecting scheme performance(p.39)
- • Risk of distributor switching to competitors(p.44)
- • Potential taxation demand and regulatory proceedings(p.25)
- • Intense competition from larger established players and new entrants(p.51)
- • Competition from alternative investment vehicles with lower fees(p.51)
- • Potential reduction in Total Expense Ratio (TER) limits by SEBI(p.58)
- • Regulatory environment subject to frequent changes(p.55)
- • Dependence on offshore advisory services agreement with Robeco HK(p.49)
- • Lease dependency for all branches and offices(p.50)
- • AUM decline risk from unsuitable investment opportunities or scheme discontinuation(p.48)
- • Economic slowdown affecting retail investor participation(p.78)
- • Rising employee benefit expenses impacting profitability(p.61)
- • Termination risk of investment management agreement with CRMF(p.62)
- • Market volatility from geopolitical tensions and election-related uncertainties(p.210)
- • Weather-related uncertainties impacting agricultural productivity and food inflation(p.161)
- • Increased competition from ETFs and passive investing affecting active fund management(p.211)
- • Removal of indexation benefits on debt mutual funds affecting investor appeal(p.211)
- • Downside risks from potential US tariff hikes affecting domestic growth(p.162)
- • Regulatory changes in asset management sector(p.349)
- • Market volatility affecting investment values(p.338)
- • Competition in asset management and advisory services(p.349)
- • Dependence on mutual fund performance and customer retention(p.349)
- • Macroeconomic volatility impacts scheme performance(p.396)
- • Global trade uncertainties and FX volatility(p.396)
- • Intense competition from multiple financial institutions and products(p.396)
- • Lower fee competition from ETFs(p.396)
- • Competitive disadvantage in distribution scale(p.396)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Canara Bank | Promoter Selling Shareholder | 51.00% | — |
| ORIX Corporation Europe N.V. | Promoter Selling Shareholder | 49.00% | — |
| Canara Bank | Promoter | — | — |
| OCE | Promoter | — | — |
| Canara Bank | Promoter | 51.00% | — |
| ORIX Corporation Europe N.V. | Promoter | 49.00% | — |
| Canara Bank | Promoter | 51% | — |
| ORIX Corporation Europe N.V. (OCE) | Promoter | 49% | — |
| Canara Bank | Promoter | 51.00% | — |
| ORIX Corporation Europe N.V. | Promoter | 49.00% | — |
| Canara Bank | Promoter/Holding Company | 51% | — |
| ORIX Corporation Europe N.V. | Promoter/Entity having significant influence | 49% | — |
| Canara Bank Limited | Promoter | — | — |
| ORIX Corporation Europe N.V. | Promoter | — | — |
| Robeco Groep N.V. (now OCE / Robeco Holding B.V.) | Promoter/Co-sponsor | — | — |
| Canara Bank | Sponsor/Promoter | 51% | 51% |
| ORIX Corporation Europe N.V. | Sponsor/Promoter | 49% | 49% |
| Canara Bank | Promoter/Promoter Selling Shareholder | — | — |
| ORIX Corporation Europe N.V. | Promoter/Promoter Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.