Canara Robeco sets IPO price band at Rs 253-266, eyes Rs 5,305 crore valuation

Company Overview - Canara Robeco Asset Management Company is a joint venture between Canara Bank and ORIX Corporation Europe, a unit of Japan's ORIX Corporation [6] - The firm manages over 1 trillion rupees in assets [4] IPO Details - Canara Robeco has set a price band of Rs 253-266 per share, aiming for a valuation of approximately Rs 5,305 crore ($597.9 million) at the upper end [6] - The IPO consists entirely of an offer for sale of 4.98 crore shares, valued at Rs 1,326 crore at the upper end of the price band [6] - The share sale will open to retail investors on October 9 and conclude on October 13, with stock expected to list on or around October 16 [2][6] Shareholder Actions - Canara Bank will reduce its stake by 13% by selling 25.92 million shares, while ORIX will divest 23.93 million shares [5][4] - The two existing shareholders will offload a combined total of 49.8 million shares in the IPO [4][6] Market Context - The IPO comes during a busy period for India's primary market, with an expected $8 billion worth of fundraises in the October-December quarter [6] - Several large-ticket issuances are anticipated, including those from Tata Capital, LG Electronics India, and WeWork India Management [6] Competitive Landscape - Canara Robeco competes with major asset managers such as HDFC Asset Management Company, Nippon Life India Asset Management, and UTI Asset Management Company [6]