Canara Robeco sets IPO price band at ₹253-266, eyes $598 million valuation

Core Viewpoint - Canara Robeco Asset Management Company is set to launch its IPO with a price band of ₹253-266 per share, targeting a valuation of approximately ₹5,305 crore ($597.9 million) at the upper end [1] Group 1: IPO Details - The IPO will open for retail investors on October 9, with anchor investors allowed to place bids on October 8 [2] - The share sale will last for three days, concluding on October 13, and the stock is expected to list around October 16 [2] Group 2: Shareholder Actions - Canara Robeco will not issue new shares in the IPO; instead, existing shareholders will offload a total of 49.8 million shares [3] - Canara Bank will reduce its stake by 13%, selling 25.92 million shares, while ORIX Corporation will divest 23.93 million shares [3] Group 3: Market Context - The IPO occurs during a busy period for India's primary market, with an expected $8 billion in fundraises for the October-December quarter, including large issuances from Tata Capital, LG Electronics India, and WeWork India Management [1]