Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Capital Markets

ICICI Prudential Asset Management Company / Equity Capital Markets

ICICI Prudential Asset Management Company (ICICIAMC IN)

ICICI Prudential Asset Management Company

<ul>
<li>
A Business So Perfect, It’s Almost Boring : Industry Tailwinds, Leader and extra ordinary return on equity makes <a href="https://www.smartkarma.com/entities/icici-prudential-amc" target="_blank" data-smartkarma-citation="entities:45499:1" rel="noopener">ICICI Prudential AMC (570643Z IN)</a> an attractive long term investment.</li>
<li>In this insight, we also present reasons why the near term listing gains may not be so attractive.</li>
<li>Business and industry insights, valuation comparison and our view on this IPO are presented in this insight</li>
</ul>



A Business So Perfect, It’s Almost Boring : Industry Tailwinds, Leader and extra ordinary return on equity makes ICICI Prudential AMC (570643Z IN) an attractive long term investment.
In this insight, we also present reasons why the near term listing gains may not be so attractive.
Business and industry insights, valuation comparison and our view on this IPO are presented in this insight


ICICI Prudential AMC IPO – A Business So Perfect, It’s Almost Boring

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

ICICI Prudential Asset Management Company / Equity Bottom-Up

<ul>
<li>ICICI Prudential AMC is the largest asset management company in India in terms of active mutual fund QAAUM with a market share of 13.3% as of Sept 2025.</li>
<li>It manages a massive INR 10.15 trillion (active) in Mutual Fund QAAUM, driven by a diversified product suite and a robust distribution network.</li>
<li>The company reported a Profit After Tax (PAT) of INR 26.5 billion for FY25, with a strong Return on Equity (RoE) of 82.8%.</li>
</ul>


ICICI Prudential AMC is the largest asset management company in India in terms of active mutual fund QAAUM with a market share of 13.3% as of Sept 2025.
It manages a massive INR 10.15 trillion (active) in Mutual Fund QAAUM, driven by a diversified product suite and a robust distribution network.
The company reported a Profit After Tax (PAT) of INR 26.5 billion for FY25, with a strong Return on Equity (RoE) of 82.8%.


ICICI Prudential AMC IPO: The Market Leader in Active Fund Management

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Canara Robeco AMC / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/canara-robeco-amc" target="_blank" data-smartkarma-citation="entities:45178:1" rel="noopener">Canara Robeco AMC (570515Z IN)</a> a JV between <a href="https://www.smartkarma.com/entities/canara-bank" target="_blank" data-smartkarma-citation="entities:543:1" rel="noopener">Canara Bank (CBK IN)</a> and <a href="https://www.smartkarma.com/entities/orix-corp" target="_blank" data-smartkarma-citation="entities:9936:1" rel="noopener">Orix Corp (8591 JP)</a> is the second oldest but the latest AMC to list in India</li>
<li>A laggard with just 1.5% market share as of date, the company boasts of an equity-dominant AUM and strong retail franchise delivering strong PAT margins (47%) and ROE (36%)</li>
<li>However, its SIP book has been declining while the broader industry has more than doubled. We feel the IPO pricing doesn't leave room for material upside.</li>
</ul>



Canara Robeco AMC (570515Z IN) a JV between Canara Bank (CBK IN) and Orix Corp (8591 JP) is the second oldest but the latest AMC to list in India
A laggard with just 1.5% market share as of date, the company boasts of an equity-dominant AUM and strong retail franchise delivering strong PAT margins (47%) and ROE (36%)
However, its SIP book has been declining while the broader industry has more than doubled. We feel the IPO pricing doesn't leave room for material upside.


Canara Robeco AMC: Can a Laggard Get off the Block Now?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Tata Consultancy Services / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> ended up doing better than we expected, while Hong Kong finally got its first US$100m+ listing for the year.</li>
<li>For placements, India was again at the forefront, this time with a not-so-pleasant results of <a href="https://www.smartkarma.com/entities/tata-consultancy-svcs-ltd" target="_blank" data-smartkarma-citation="entities:18708:1" rel="noopener">Tata Consultancy Svcs (TCS IN)</a>. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Trial Holdings (5882 JP) ended up doing better than we expected, while Hong Kong finally got its first US$100m+ listing for the year.
For placements, India was again at the forefront, this time with a not-so-pleasant results of Tata Consultancy Svcs (TCS IN). 


ECM Weekly (25th Mar 2024) - TCS, Akeso, Coforge, ABSL, Tokio Marine, Trial, Migao, Mixue, Reddit

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Aditya Birla Sun Life AMC / Equity Capital Markets

<ul>
<li>Promoters in <a href="https://www.smartkarma.com/entities/aditya-birla-sun-life-amc-limited" target="_blank" data-smartkarma-citation="entities:34094:1" rel="noopener">Aditya Birla Sun Life AMC (ABSLAMC IN)</a> are looking to raise US$189m via an offer for sale (OFS). This assumes that the over-allotment option is exercised.</li>
<li>This appears to be done in a bid to meet SEBI’s 75% free-float requirement for listed firms in India. .</li>
<li>News of the selldown had surfaced a week earlier leading to a correction in share price. As such, we would argue that the deal here is well flagged</li>
</ul>


Promoters in Aditya Birla Sun Life AMC (ABSLAMC IN) are looking to raise US$189m via an offer for sale (OFS). This assumes that the over-allotment option is exercised.
This appears to be done in a bid to meet SEBI’s 75% free-float requirement for listed firms in India. .
News of the selldown had surfaced a week earlier leading to a correction in share price. As such, we would argue that the deal here is well flagged


Aditya Birla Sun Life AMC OFS - Share Price Has Corrected in Anticipation of the Current Deal

India

Aditya Birla Sun Life AMC Limited is a prominent asset management company in India, primarily serving as the investment manager for Aditya Birla Sun Life Mutual Fund. It offers a comprehensive suite of investment solutions, including mutual funds, portfolio management services, real estate investments, and alternative investment funds, for wealth creation, savings, tax planning, and income generation. The company is headquartered in Mumbai, India, and was incorporated in 1994.

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Aditya Birla Sun Life AMC (ABSLAMC IN)

ICICI Prudential AMC IPO – A Business So Perfect, It’s Almost Boring

We expect a strong listing for ICICI Prudential AMC today, as the timing of SEBI’s mutual fund regulatory overhaul (17 Dec’25) could not have been...

Sreemant Dudhoria

ICICI Prudential AMC IPO: The Market Leader in Active Fund Management

ICICI Prudential AMC leads as India's largest asset management company with a 13.3% market share, managing INR 10.15 trillion QAAUM and reporting...

Nimish Maheshwari

Canara Robeco AMC: Can a Laggard Get off the Block Now?

Canara Robeco AMC, a JV between Canara Bank and Orix Corp, is the latest AMC to list in India with strong financials but declining SIP book, IPO...

Himanshu Dugar

ECM Weekly (25th Mar 2024) - TCS, Akeso, Coforge, ABSL, Tokio Marine, Trial, Migao, Mixue, Reddit

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ICICI Prudential AMC IPO – A Business So Perfect, It’s Almost Boring

We expect a strong listing for ICICI Prudential AMC today, as the timing of SEBI’s mutual fund regulatory overhaul (17 Dec’25) could not have been...

Sreemant Dudhoria

ICICI Prudential AMC IPO: The Market Leader in Active Fund Management

​ICICI Prudential AMC leads as India's largest asset management company with a 13.3% market share, managing INR 10.15 trillion QAAUM and reporting...

Nimish Maheshwari

Canara Robeco AMC: Can a Laggard Get off the Block Now?

​Canara Robeco AMC, a JV between Canara Bank and Orix Corp, is the latest AMC to list in India with strong financials but declining SIP book, IPO...

Himanshu Dugar

ECM Weekly (25th Mar 2024) - TCS, Akeso, Coforge, ABSL, Tokio Marine, Trial, Migao, Mixue, Reddit

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Aditya Birla Sun Life AMC OFS - Share Price Has Corrected in Anticipation of the Current Deal

Promoters in Aditya Birla Sun Life AMC (ABSLAMC IN) are looking to raise US$189m via an offer for sale (OFS). This assumes that the over-allotment...

Clarence Chu

ICICI Prudential AMC leads as India's largest asset management company with a 13.3% market share, managing INR 10.15 trillion QAAUM and reporting...

Canara Robeco AMC, a JV between Canara Bank and Orix Corp, is the latest AMC to list in India with strong financials but declining SIP book, IPO...