India's Canara Robeco Asset Management files for IPO
April 25 (Reuters) - India's Canara Robeco Asset Management Company has filed for an initial public offering, draft papers showed on Friday, with its existing shareholders looking to sell stakes at a time when the IPO market is slowing.
Canara Robeco is a joint venture between India's state-owned Canara Bank (CNBK.NS), opens new tab and Netherlands-headquartered ORIX Corporation Europe, which is a unit of Japan's ORIX Corporation (8591.T), opens new tab.
The firm, which manages more than 1 trillion rupees ($11.7 billion) in assets, will not issue fresh shares in the IPO, but the two owners will sell a combined 49.8 million shares.
Canara Bank will reduce its stake in the asset manager by 13% by selling 25.92 million shares via the listing. ORIX will sell 23.93 million shares.
The asset manager did not detail the size or timing of the IPO.
The listing is set to come at a time when rising global market volatility, driven by U.S. tariff flip-flops, is forcing companies to recalibrate IPO ambitions to avoid weak demand or failed listings.
India was the world's second-largest market by IPO proceeds in 2024 but listings are down close to 15% this year, data compiled by LSEG showed.
Canara Robeco competes with other major asset managers such as HDFC Asset Management Company (HDFA.NS), opens new tab, Nippon Life India Asset Management (NIPF.NS), opens new tab and UTI Asset Management Company (UTIA.NS), opens new tab.
Its profit for the fiscal year ended March 2024 was 91% higher than a year ago, the draft prospectus showed, while revenue from operations was 55.4% higher.
In a country where physical assets still dominate financial savings, investments in mutual funds are on the rise, in tandem with greater financial awareness.
Mutual funds, as a portion of household financial savings, grew from 2% to around 7% between fiscal years 2021 and 2024, with investment value more than doubling to 2.4 trillion rupees, the prospectus showed, citing data from India's central bank and Crisil Intelligence.
($1 = 85.3680 Indian rupees)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
an hour ago
- Daily Mail
Trump prepares to jet to NATO as poll reveals Americans think White House backs Russia over Ukraine
President Donald Trump will head to a NATO summit this week - as a poll found that more Americans think his administration is siding with Russia over Ukraine. A Ronald Reagan Institute survey of U.S. adults, conducted from late May to early June, showed 37 percent of respondents believe the Trump administration is favoring Russia when it comes to negotiating an end to the conflict. Just 14 percent said the Trump White House was favoring Ukraine. Another 36 percent said the Trump administration was taking a neutral approach - despite Ukraine being a longtime U.S. ally and Russian President Vladimir Putin launching the invasion in February 2022. The numbers, which were released Sunday, come after Newsweek reported that the U.S. was pressuring European allies to limit references to Ukraine in the final communique of the NATO summit, which will take place Tuesday and Wednesday in The Hague, Netherlands. A White House spokesperson wouldn't confirm Newsweek's reporting to the Daily Mail. If the U.S. is successful at containing a focus on Ukraine, it would be a departure from previous NATO summits during the tenure of former President Joe Biden that showed strong support for the besieged country, which is not a NATO member. Ahead of the summit, a senior U.S. official's statement didn't mention the Ukraine war - instead focusing on one of Trump's longtime goals for NATO. 'The president intends to secure a historic 5 percent defense spending pledge from NATO allies, which will strengthen the Alliance's combined military capabilities and ensure greater stability in Europe and the world,' the senior official said. 'This effort builds on the hundreds of billions of dollars in spending increases already achieved across the Alliance since 2017 thanks to President Trump's diplomacy in his first term,' the source added. The Reagan Institute Survey found that a majority of Americans still support defending a NATO ally even if they weren't spending enough on defense. Fifty-three percent expressed this view, while 30 percent said the U.S. should not come to that country's defense. A majority of Americans also opposed the U.S. pulling out of NATO - 55 percent to 33 percent - with respondents feeling more strongly about the U.S. staying in. Breaking down the numbers, 38 percent strongly opposed the U.S. pulling out of NATO - which was formed to deter the former Soviet Union - while just 15 percent supported the U.S. withdrawing from the compact. On several occasions, Trump has mulled pulling the U.S. out of NATO or threatened not to come to a country's aid if they don't pay up. During the 2024 campaign, Trump sparked controversy by recounting a conversation with a world leader in which he suggested he might not defend a NATO country that was 'delinquent' in its payments. 'I would encourage them [Russia] to do whatever the hell they want. You got to pay. You got to pay your bills,' the then-candidate said. Seventy-one percent of U.S. adults said they supported the U.S. defending a NATO country if there was an attack. Just 17 percent weren't in favor of helping a NATO ally. A majority of Americans, 59 percent, also said they were in favor of increasing the U.S.'s military presence in Europe to counter Russian aggression. Trump said last Saturday that Putin called him on his birthday - but their discussion mainly focused on the war between Israel and Iran, rather than Russia's own conflict. 'Much less time was spent talking about Russia/Ukraine, but that will be for next week,' the president said in a Truth Social post. That was ahead of Trump's trip to Canada for the G7 - which he cut a day short - saying he needed to be back in Washington to tend to the war in the Middle East. He was supposed to meet with Ukrainian President Volodymyr Zelensky on the day of the G7 that he missed. 'Finally, President Trump intends to hold bilateral meetings with several world leaders, which will focus on issues of shared concern and reaffirm the United States strong ties with our allies and partners,' the senior official said Friday, not articulating who the president was sitting down with yet. It was unclear as of Friday if Zelensky still planned to travel to the Hague for the NATO Summit after Trump skipped their G7 meeting.
Reuters
3 hours ago
- Reuters
Bitcoin falls 4% to $99,237
June 22 (Reuters) - Bitcoin, the world's largest cryptocurrency by market value, was down by 4.13% at $99,237 at 10:52 a.m. ET (1452 GMT) on Sunday. Ether, the second-largest cryptocurrency, was down by around 8.52% at $2,199.
NBC News
2 days ago
- NBC News
Apple sued by shareholders for allegedly overstating AI progress
(Reuters) — Apple was sued on Friday by shareholders in a proposed securities fraud class action that accused it of downplaying how long it needed to integrate advanced artificial intelligence into its Siri voice assistant, hurting iPhone sales and its stock price. The complaint covers shareholders who suffered potentially hundreds of billions of dollars of losses in the year ending June 9, when Apple introduced several features and aesthetic improvements for its products but kept AI changes modest. Apple did not immediately respond to requests for comment. CEO Tim Cook, Chief Financial Officer Kevan Parekh and former CFO Luca Maestri are also defendants in the lawsuit filed in San Francisco federal court. Shareholders led by Eric Tucker said that at its June 2024 Worldwide Developers Conference, Apple led them to believe AI would be a key driver of iPhone 16 devices, when it launched Apple Intelligence to make Siri more powerful and user-friendly. But they said the Cupertino, California-based company lacked a functional prototype of AI-based Siri features, and could not reasonably believe the features would ever be ready for iPhone 16s. Shareholders said the truth began to emerge on March 7 when Apple delayed some Siri upgrades to 2026, and continued through this year's Worldwide Developers Conference on June 9 when Apple's assessment of its AI progress disappointed analysts. Apple shares have lost nearly one-fourth of their value since their December 26, 2024 record high, wiping out approximately $900 billion of market value.
