&w=3840&q=100)
India's Canara Robeco Asset Management Company files paper for IPO
India's Canara Robeco Asset Management Company has filed for an initial public offering, draft papers showed on Friday, with its existing shareholders looking to sell stakes at a time when the IPO market is slowing.
Canara Robeco is a joint venture between India's state-owned Canara Bank and Netherlands-headquartered ORIX Corporation Europe, which is a unit of Japan's ORIX Corporation.
The firm, which manages more than 1 trillion rupees ($11.7 billion) in assets, will not issue fresh shares in the IPO, but the two owners will sell a combined 49.8 million shares.
Canara Bank will reduce its stake in the asset manager by 13% by selling 25.92 million shares via the listing. ORIX will sell 23.93 million shares.
The asset manager did not detail the size or timing of the IPO.
The listing is set to come at a time when rising global market volatility, driven by U.S. tariff flip-flops, is forcing companies to recalibrate IPO ambitions to avoid weak demand or failed listings.
India was the world's second-largest market by IPO proceeds in 2024 but listings are down close to 15% this year, data compiled by LSEG showed.
Canara Robeco competes with other major asset managers such as HDFC Asset Management Company, Nippon Life India Asset Management and UTI Asset Management Company .
Its profit for the fiscal year ended March 2024 was 91% higher than a year ago, the draft prospectus showed, while revenue from operations was 55.4% higher.
In a country where physical assets still dominate financial savings, investments in mutual funds are on the rise, in tandem with greater financial awareness.
Mutual funds, as a portion of household financial savings, grew from 2% to around 7% between fiscal years 2021 and 2024, with investment value more than doubling to 2.4 trillion rupees, the prospectus showed, citing data from India's central bank and Crisil Intelligence. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
13 hours ago
- Time of India
Tariffs have led to caution in the life sciences segment: Cognizant's Gummadi
Bengaluru: As clients look for cost optimisation, they aim to break silos and move towards consolidating their IT services partners. "They want a partner who can give end-to-end solutions," Surya Gummadi, President of the Americas business at Cognizant , said during the recent Bank of America Securities 2025 Global Technology Conference. With GenAI disrupting businesses, Gummadi felt pricing will evolve significantly in the next six months as clients move towards outcome-based said AI brought a great deal of uncertainty, adding to the macroeconomic pressures. That, he points out, is the difference between the previous cycles of the economic crisis. He, however, believes GenAI will create newer opportunities for Cognizant. Meanwhile, the tariff war triggered by US President Donald Trump impacted business sentiment in life sciences, product and manufacturing, as well as retail, he told Bank of America analysts. "There is some caution in the healthcare space. Tariffs have led to caution in the life sciences segment. Product and manufacturing clients are dealing with tariff uncertainty, and retail clients have also shown it in their guidance. All this is having a cascading effect on IT projects," Gummadi said. Despite the tough environment, Cognizant signed three mega deals by the end of the second quarter. Cognizant started to see an uptick in deal momentum, in general. Compared to 2023, when the firm signed 17 large deals, the New Jersey-headquartered IT services firm signed 29 large deals in 2024. In a choppy environment, CTS managed to get an extension of its contract with the healthcare client, which is a $1 billion deal. The full-year trailing 12-month booking for 2024 was $27.1 billion. Get the latest lifestyle updates on Times of India, along with Eid wishes , messages , and quotes !
Time of India
16 hours ago
- Time of India
Decentro raises Rs 30 crore, plans reverse flip to India
Representative image Bengaluru: Fintech infrastructure startup Decentro has raised Rs 30 crore in a Series B funding round led by InfoEdge Ventures, with participation from Stargazer Growth and existing backers such as Uncorrelated Ventures. As part of the move, the company also plans to reverse flip its parent entity from Singapore back to India within the next 12-18 months. The Bengaluru-headquartered API platform, which powers over Rs 50,000 crore in annual payment volumes across over 1,300 clients, said it has turned profitable and will use the new capital to deepen enterprise adoption across KYC, payments and debt collections. Founded by Rohit Taneja and Pratik Daudkhane, Decentro has positioned itself as a backend fintech infrastructure player, powering banking and financial workflows for NBFCs, fintech firms, digital lenders, and banks. 'This fundraise allows us to double down on deep partnerships with enterprise customers and build products that power mission-critical financial flows,' said Taneja. As part of its product expansion, the company has recently rolled out two AI-powered modules – Scanner, a real-time user profiling and risk engine, and Neobot, a multilingual AI voice agent aimed at automating debt collections. Neobot targets India's Rs 10 lakh crore non-performing asset (NPA) burden by providing voice-based recovery support for lenders. The company's payments stack remains its largest revenue contributor. Decentro said the new funds will also be deployed to strengthen its go-to-market efforts across financial institutions. With its planned flip to India, Decentro joins a growing number of fintech startups choosing to domicile locally amid a maturing ecosystem and evolving regulatory landscape. 'We are building not just for India, but from India for global opportunities,' said Daudkhane. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
&w=3840&q=100)
Business Standard
19 hours ago
- Business Standard
RBI reviewing bank ownership structure, says Governor Sanjay Malhotra
With the economy expanding, there is a growing need for more banks, and the Reserve Bank of India (RBI) is currently reviewing the ownership structure and eligibility criteria for bank licensing, RBI Governor Sanjay Malhotra said on Friday. 'An ordinary person trusts their money with the banks. It is important to have a trustworthy person, owner and manager in the bank. What kind of eligibility criteria should we have for that? What kind of conditions should we have? We should talk to everyone about it. Our economy is growing. We need more banks. Keeping that in mind, if there is a need for change, it will be done,' Malhotra said at the post-monetary policy press conference. This comes amid speculation that the RBI may consider changes in guidelines that would allow foreigners to own more stake in Indian banks. While foreign investors, including portfolio investors, can own up to 74 per cent in Indian banks, regulations cap a strategic foreign investor's stake at 15 per cent. Any holding above 5 per cent requires prior approval from the Reserve Bank of India. Additionally, there is a 26 per cent cap on voting rights by any large shareholding by a promoter or a strategic investor. 'We allow 15 per cent for non-residents, but on a case-by-case basis, it can go above 15 per cent. There is no immediate change in that,' Malhotra said. In the recent past, the RBI has allowed Fairfax to acquire 51 per cent in Catholic Syrian Bank. Further, recently, Japan-based Sumitomo Mitsui Banking Corporation (SMBC) has proposed to buy a 20 per cent stake in Yes Bank from State Bank of India (SBI) and seven private sector banks, who had invested in Yes Bank during its reconstruction in March 2020, for Rs 13,482 crore. Additionally, reports suggest Dubai-headquartered Emirates NBD Bank PJSC, which got RBI approval to establish a wholly owned subsidiary (WoS) in India, is eyeing a majority stake in IDBI Bank. The government has started the process of disinvestment of IDBI Bank. The government is offering a 30.48 per cent stake, while Life Insurance Corporation will sell a 30.24 per cent stake. The RBI is currently evaluating the fit and proper criteria of the investors. Meanwhile, Malhotra, responding to a question on applications from small finance banks seeking conversion into universal banks, said there is no timeline for a decision, but work is in progress on the applications received. 'I do not think there is a timeline, but it does not mean that we do not have an internal timeline. Work is in progress in all the applications that have come to us. We have already articulated a decision on one of them, which we have rejected,' he said.
