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Canara Robeco AMC IPO Price Band: Canara Robeco Asset Management Company has announced the price band for its Rs 1,326 crore initial public offering (IPO) between Rs 253 and Rs 266 per share. The IPO will open for subscription on Thursday, October 9, and close on Monday, October 13.

The IPO is entirely an Offer for Sale (OFS) of up to 4.98 crore shares, with existing promoters—Canara Bank and Orix Corporation Europe N.V.—selling their stakes. Canara Bank will offload 2.59 crore shares, while Orix will sell up to 2.39 crore shares. Since the issue is a complete OFS, the company will not receive any proceeds from the offer.

Retail investors can bid for a minimum of one lot of 56 shares, which will require an investment of Rs 14,896 at the upper end of the price range. The company has reserved 50 per cent of the issue for Qualified Institutional Buyers (QIBs), 15 per cent for non-institutional investors, and 35 per cent for retail investors.

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SBI Capital Markets, Axis Capital, and JM Financial are acting as the book running lead managers for the issue. The share allotment is likely to take place on October 14, while listing on the exchanges is expected on Thursday, October 16.

Founded in 1993, Canara Robeco AMC evolved from Canbank Mutual Fund, which was set up in 1987. It became a joint venture between Canara Bank and Orix Corporation Europe in 2007. As of the June quarter, the fund house managed assets worth Rs 1.17 lakh crore, reporting total revenue of Rs 121.3 crore and a net profit of Rs 61 crore.

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Abhay Shukla

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