Canara AMC IPO opens today; market lot set at 56 shares

Core Points - Canara Robeco Asset Management Company is launching an initial public offering (IPO) of Rs 1,326 crore, which opens today and will close on October 13, with a price band set between Rs 253 and Rs 266 per share [1] - The IPO consists entirely of an offer for sale (OFS) of 4.98 crore equity shares, with no fresh issue component [2] - The allocation of the IPO includes 50% reserved for qualified institutional buyers (QIBs), 35% for retail investors, and 15% for non-institutional investors [2] Company Overview - Canara Bank holds a 51% stake in Canara Robeco, while Orix Corporation owns the remaining stake [3] - The company will not receive any funds from the IPO as it is entirely an OFS; proceeds will go to the selling shareholders [3] - Canara Robeco has raised Rs 398 crore from anchor investors as part of the IPO [3] Anchor Investors - The anchor book includes participation from several institutional investors such as SBI Mutual Funds, ICICI Prudential Mutual Fund, and Nippon India Mutual Fund, among others [4] - Canara Robeco has allotted 1.49 crore equity shares to 25 funds at Rs 266 per share [4] Market Position - Canara Robeco operates in a competitive environment alongside other listed players like HDFC Asset Management Company, Nippon Life India Asset Management, and UTI Asset Management Company [5] - The shares of Canara Robeco are expected to list on the stock exchanges on October 16 [5]