APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

APAC 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.

Equity Capital Markets

Canara Robeco AMC / Equity Capital Markets

<ul>
<li>Canara Robeco AMC has raised US$150m in its India IPO.</li>
<li>Canara Robeco has demonstrated strong growth registering a CAGR of 34% and 33% in AUM and management fees, respectively, from FY22 to FY24. </li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>


Canara Robeco AMC has raised US$150m in its India IPO.
Canara Robeco has demonstrated strong growth registering a CAGR of 34% and 33% in AUM and management fees, respectively, from FY22 to FY24. 
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Canara Robeco AMC IPO Trading: Decent Insti Demand

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

<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?

<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> is looking to raise up to US$150m in its upcoming India IPO.</li>
<li>Overall, revenue increased annually at about 39% since FY22 and based on 9M25 numbers, Canara’s FY25 performance is on track to surpass FY24’s levels</li>
<li>We have looked at the company's past performance in our previous note. In this note, we talk about valuations.</li>
</ul>



Canara Robeco AMC (570515Z IN) is looking to raise up to US$150m in its upcoming India IPO.
Overall, revenue increased annually at about 39% since FY22 and based on 9M25 numbers, Canara’s FY25 performance is on track to surpass FY24’s levels
We have looked at the company's past performance in our previous note. In this note, we talk about valuations.


Canara Robeco AMC IPO: Fairly Valued Given Strong Growth but Small Size

<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> is looking to raise US$150m in its upcoming India IPO.</li>
<li>Canara Robeco has registered a CAGR of 34% and 33% in AUM and management fees, respectively, from FY22 to FY24. Profitability margins have also expanded steadily in the same period.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



Canara Robeco AMC (570515Z IN) is looking to raise US$150m in its upcoming India IPO.
Canara Robeco has registered a CAGR of 34% and 33% in AUM and management fees, respectively, from FY22 to FY24. Profitability margins have also expanded steadily in the same period.
In this note, we look at the company’s past performance.


Canara Robeco AMC Ltd Pre-IPO: Strong Topline Growth & Expanding Margins

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

Thematic (Sector/Industry)

<ul>
<li>
India’s mutual fund AUM tripled from INR 24.5 trillion in FY19 to INR 67.4 trillion in FY25, driven by strong retail inflows and digital adoption.</li>
<li>Canara Robeco AMC, India’s second-oldest fund house, manages INR 1.11 lakh crore in AUM with a 55% profit CAGR between FY23 and FY25.</li>
<li>With 87% of AUM from retail investors, Canara Robeco AMC has the highest retail concentration among India’s top 10 mutual fund companies.</li>
</ul>



India’s mutual fund AUM tripled from INR 24.5 trillion in FY19 to INR 67.4 trillion in FY25, driven by strong retail inflows and digital adoption.
Canara Robeco AMC, India’s second-oldest fund house, manages INR 1.11 lakh crore in AUM with a 55% profit CAGR between FY23 and FY25.
With 87% of AUM from retail investors, Canara Robeco AMC has the highest retail concentration among India’s top 10 mutual fund companies.


Canara Robeco AMC IPO: The Oldest Name in Mutual Funds Seeks a New Beginning

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Canara Robeco AMC (570515Z IN)

Canara Robeco AMC IPO Trading: Decent Insti Demand

Canara Robeco AMC raises US$150m in India IPO, showcasing impressive growth in AUM and management fees. Article delves into trading dynamics.

Hong Jie Seow

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

Canara Robeco AMC IPO: Fairly Valued Given Strong Growth but Small Size

Canara Robeco AMC plans to raise up to $150m in India IPO, with revenue growing at 39% annually and FY25 performance expected to surpass FY24...

Hong Jie Seow

Canara Robeco AMC Ltd Pre-IPO: Strong Topline Growth & Expanding Margins

Canara Robeco AMC plans to raise $150m in India IPO, with impressive growth in AUM and management fees, as well as expanding profitability margins.

Hong Jie Seow

Canara Robeco AMC IPO: The Oldest Name in Mutual Funds Seeks a New Beginning

India's mutual fund industry experiences significant growth driven by retail investors and digital adoption, with Canara Robeco AMC leading with...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Canara Robeco AMC IPO Trading: Decent Insti Demand

​Canara Robeco AMC raises US$150m in India IPO, showcasing impressive growth in AUM and management fees. Article delves into trading dynamics.

Hong Jie Seow

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

Canara Robeco AMC IPO: Fairly Valued Given Strong Growth but Small Size

​Canara Robeco AMC plans to raise up to $150m in India IPO, with revenue growing at 39% annually and FY25 performance expected to surpass FY24...

Hong Jie Seow

Canara Robeco AMC Ltd Pre-IPO: Strong Topline Growth & Expanding Margins

​Canara Robeco AMC plans to raise $150m in India IPO, with impressive growth in AUM and management fees, as well as expanding profitability margins.

Hong Jie Seow

Canara Robeco AMC IPO: The Oldest Name in Mutual Funds Seeks a New Beginning

​India's mutual fund industry experiences significant growth driven by retail investors and digital adoption, with Canara Robeco AMC leading with...

Nimish Maheshwari

Canara Robeco AMC raises US$150m in India IPO, showcasing impressive growth in AUM and management fees. Article delves into trading dynamics.

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...

Canara Robeco AMC plans to raise up to $150m in India IPO, with revenue growing at 39% annually and FY25 performance expected to surpass FY24...

Canara Robeco AMC plans to raise $150m in India IPO, with impressive growth in AUM and management fees, as well as expanding profitability margins.

India's mutual fund industry experiences significant growth driven by retail investors and digital adoption, with Canara Robeco AMC leading with...