Canara Robeco IPO GMP: What Does Grey Market Signal Ahead Of Oct. 9 Launch?

Canara Robeco Asset Management Co. Ltd. is gearing up to launch its initial public offering (IPO) on Thursday, Oct. 9. Canara Robeco Asset Management Company is a joint venture between Canara Bank and Robeco, offering a diverse range of investment solutions. Here’s a look at the grey market premium (GMP) and other key details of the Canara Robeco IPO.

According to the Investorgain website, the latest GMP for the Canara Robeco IPO was Rs 35 as of 8:59 a.m. on Wednesday. This indicates a listing price of Rs 301 per share at a premium of 13.16% at the upper limit of the price band.

Note: GMP does not represent official data and is based on speculation.

Canara Robeco IPO is a book-built issue worth Rs 1,326.13 crore. The entire issue is an offer for sale of 4.99 crore equity shares. The price band is set between Rs 253 and Rs 266 per share. The minimum application lot size is 56 shares. For retail investors, the minimum investment is Rs 14,896, based on the upper price band.

For small non-institutional investors (sNII), the minimum lot size is 14 lots or 784 shares, amounting to Rs 2,08,544. For big non-institutional investors (bNII), the lot size is 68 lots or 3,808 shares, amounting to Rs 10,12,928.

The Canara Robeco IPO opens for subscription on Oct. 9 and closes on Oct. 13. Allotment of shares is expected to be finalised on Oct. 14. The IPO is set to list on both BSE and NSE. The tentative listing date is scheduled for Oct. 16.

SBI Capital Markets Ltd. is the book running lead manager for the IPO. MUFG Intime India Pvt. Ltd. is the registrar of the issue.

Canara Robeco Asset Management Company is a joint venture between Canara Bank and global asset manager Robeco. It offers mutual fund solutions across equity, debt, and hybrid schemes, serving both individual and institutional investors.

The primary objective of the issue is to achieve the benefits of listing the equity shares on stock exchanges.

For the period ended March 31, the company reported a total income of Rs 404 crore, up from Rs 318.78 crore in the previous year. Profit after tax rose to Rs 190.70 crore from Rs 151 crore. Ebitda also improved significantly to Rs 264.08 crore compared to Rs 201.14 crore in FY24.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.