Canara Bank plans IPO launch for Canara Robeco: Read in details

Canara Bank has announced its intention to launch an Initial Public Offering (IPO) for Canara Robeco Asset Management Company. The bank stated that it has received in-principle approval to commence the IPO process for its mutual fund subsidiary, subject to due diligence, regulatory approvals, and other necessary procedures. The modalities for the listing will be determined in due course. If successfully listed, Canara Robeco AMC will become the fifth mutual fund company to go public in India, joining the ranks of HDFC AMC, Nippon Life India AMC, UTI Asset Management Company, and Aditya Birla Sun Life AMC. Canara Robeco Mutual Fund, initially established as Canbank Mutual Fund in 1993, manages assets valued at Rs 78,398.51 crore as of November 2023. The timeline for the IPO launch was not disclosed in the bank's announcement.