India's Canara Robeco Asset Management IPO fully subscribed on final day

Indian asset manager Canara Robeco's (CANE.NS) 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 CANBK and the European arm of Japan's ORIX 8591, Canara Robeco is the smallest in terms of revenue among its peers, including the listed HDFC AMC HDFCAMC, Nippon Life India AMC NAM_INDIA and UTI AMC 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.