The Qualified Institutional Buyers (QIB) segment led the IPO with a massive 25.9x subscription, while Non-Institutional Investors (NII) subscribed 6.45x and retail investors bid 1.9x their allotted quota.
Analysts noted that despite strong demand, the IPO was fully priced. “While the franchise has strong parentage and robust financial performance, valuations leave little room for short-term upside,” they said.
At the IPO price of Rs 266, the stock commanded a price-to-earnings (P/E) multiple of ~28x. The company’s price-to-book value stood at 8.84x, reflecting premium pricing for its strong brand lineage and distribution reach.
Canara Robeco AMC, India’s second-oldest mutual fund house, is a joint venture between Canara Bank and Orix Corporation Europe NV. The company manages a diversified portfolio across equity, debt, and hybrid funds, and is known for its consistent profitability and operational efficiency.
As of March 2025, the company reported Rs 404 crore in total income and Rs 191 crore in PAT, marking a 26% YoY growth. Its EBITDA margin stood at 65.4%, one of the highest among asset managers, while return on net worth (RoNW) was 36%.The IPO, entirely an offer for sale (OFS), would not not bring fresh capital into the company. Post-listing, the promoter stake, held by Canara Bank and Orix Europe, will reduce from 100% to 75%.
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