28 Dec 2023 , 01:28 PM
Canara Bank's shares surged up to 3% to Rs 446.65 following the announcement of in-principle approval for the IPO listing of its mutual fund subsidiary, Canara Robeco Asset Management Company.
At the time of writing Canara Bank’s shares were trading at Rs 442.20 which is a 2.24% increase than the previous close.
The PSU lender revealed its intention to list Canara Robeco AMC on stock exchanges via an IPO, subject to due diligence, regulatory approvals, and other procedures.
The specific details and modalities for the IPO listing will be determined in due course.
Established in 1993, Canara Robeco MF, formerly Canbank Mutual Fund, became Canara Robeco Mutual Fund in 2007 through a joint venture with Robeco Group.
Canara Robeco AMC, with assets worth Rs 80,301 crore as of November 2023, aims to become the fifth listed asset management company in India.
Currently, Aditya Birla Sun Life AMC, HDFC Asset Management, Nippon Life India Asset Management, and UTI Asset Management are the four listed mutual funds in the country.
The primary market in 2023 has witnessed robust activity, with IPOs raising over Rs 49,000 crore in total capital.
In this period, 50 companies on the main board launched primary issuances, raising Rs 44,744 crore. Notably, Mankind Pharma's IPO was the largest, raising Rs 4,326 crore with a 15.3 times subscription rate.
Three main board IPOs, including Plaza Wires (161 times), Utkarsh Small Finance Bank (110.8 times), and Ideaforge Technology (106.1 times), recorded subscription rates exceeding 100 times, according to FYERS Research.
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