Indian asset manager Canara Robeco's NSE:CRAMC nearly $150 million initial public offering (IPO) was fully subscribed on Monday, the final day of its three-day bidding process, driven by retail individual investors.
A joint venture between India's Canara Bank NSE:CANBK and the European arm of Japan's ORIX TSE:8591, Canara Robeco is the smallest in terms of revenue among its peers, including the listed HDFC AMC NSE:HDFCAMC, Nippon Life India AMC NSE:NAM_INDIA and UTI AMC NSE:UTIAMC.
Unlike its peers, the more than 30-year-old asset management company (AMC) has a portfolio heavily focussed on equities and caters primarily to a retail investor base.
India is expected to see record IPO fundraising in 2025. With companies having already raised $10.5 billion in the first nine months of 2025, the IPO market is on track to surpass last year's record of $20.5 billion.