PL Capital initiates 'buy' coverage on India's Canara Robeco ahead of market debut

Canara Bank

15/10/2025 11:02

** Brokerage PL Capital initiates coverage on Canara Robeco Asset Management CANE.NS  with a 'buy' ,citing potential for market share gains

** Sets TP at 320 rupees ahead of Thursday debut and says asset manager is attractive in the small-cap space

** ** Says co's earnings exposed to equity market movements; but adds that this could be an advantage given the positive outlook on Indian equities over the medium and long-term

** Adds, CRAMC's favorable pricing structure is expected to drive core earnings CAGR of 17% over FY25–28E, outperforming listed peers

** IPO values co at up to 53.05 billion rupees at the top of its 253–266 rupee price band, per Reuters' calculations.

** Co is a JV between Canara Bank CNBK.NS and the European arm of Japan's ORIX 8591.T

 (Reporting by Kashish Tandon in Bengaluru)

 ((Kashish.tandon@thomsonreuters.com))