Abakkus Asset Manager IPO
Abakkus Asset Manager Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. As of SEBI's report dated 30 October 2026, the draft is under SEBI review. The draft proposes an offer for sale only of up to 1,50,00,000 shares by Abakkus Expert Professionals LLP, one of the promoters, with no fresh issue. In FY26 the company made a profit of ₹327.05 crore on revenue of ₹765.91 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 22 Sep 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Axis Capital Limited
- Last SEBI contact
- 22 Sep 2026
- Price band and dates
- Not announced
Where it stands
Abakkus Asset Manager IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI22 Sep 2026
- SEBI reviewUnder SEBI review
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process.
SEBI received the draft on 22 September 2026, 45 days ago, and its last communication on the draft was on 22 September 2026 (day count is our calculation).
DRHP at a glance
Abakkus Asset Manager DRHP at a glance
Draft red herring prospectus, 22 Sep 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 198 to 200)Abakkus Asset Manager runs an India focused, equity oriented asset management platform. It provides investment management and advisory services across four verticals: alternates, made up of Category III alternative investment funds and portfolio management services; offshore and other products, made up of registered investment advisory and the Aryabhata UCITS fund domiciled in Ireland; private equity, through Category I and Category II alternative investment funds; and mutual funds. The business was founded in 2018 by Sunil Banwarilal Singhania as a limited liability partnership, was re-registered as a company in September 2024 and became a public limited company in September 2026.
Total quarterly average assets under management were ₹41,409.10 crore as of 31 March 2026. The document says 93.67% of assets managed and advised as of that date were listed equity and equity oriented strategies, and that the company had 11,735 unique portfolio management services clients in FY26. It holds registrations for Category I, II and III alternative investment funds, portfolio management services, registered investment advisory and a mutual fund, along with a fund management entity licence for the non-retail category in GIFT City, Gujarat. Operations are run from Mumbai, with investment management for the alternates and private equity verticals carried out through the wholly owned subsidiary Abakkus Investment Managers Private Limited.
The offer
DRHP cover pages and The Offer (p. 73 to 74)| Offer for sale | Up to 1,50,00,000 sharesBy Abakkus Expert Professionals LLP, a promoter selling shareholder; its weighted average cost of acquisition is ₹0.67 a share. The company receives no proceeds from the offer. |
| Shares before the IPO | 15,00,00,000Face value ₹2 each. The offer for sale is 10.0% of them (ours) |
| Listing | BSE and NSEMainboard, under Regulation 6(1). The offer includes a reservation for eligible employees, which will not exceed 5% of the post-offer paid-up share capital, and may carry a discount |
| Lead managers | Axis Capital Limited, ICICI Securities Limited, IIFL Capital Services Limited and JM Financial Limited |
| Registrar | KFin Technologies Limited |
| Promoters | Sunil Banwarilal Singhania, Kanchan Sunil Singhania, Abakkus Expert Professionals LLP, Sukk Family Trust and Ecosmart Climate Solutions Private Limited |
Financials
DRHP, Summary of Financial Information (p. 75 to 77) and Basis for the Offer Price, KPIs (p. 113 to 114), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 418.60 | 683.57 | 765.91 |
| Total income | 478.66 | 707.16 | 796.05 |
| Operating profit before tax | 232.78 | 344.61 | 406.35 |
| Operating profit margin | 55.61% | 50.41% | 53.05% |
| Cost to income ratio | 44.39% | 49.59% | 46.95% |
| Profit after tax | 205.43 | 257.72 | 327.05 |
| Net worth | 295.64 | 406.59 | 751.27 |
| Cash from operations | 184.47 | 175.08 | 332.04 |
| Return on equity | 95.23% | 73.40% | 56.49% |
| Total quarterly average assets under management | 27,310.29 | 33,994.71 | 41,409.10 |
Restated consolidated figures. Operating profit before tax, operating profit margin, cost to income ratio, net worth, return on equity and quarterly average assets under management are as given in the KPI table. Return on equity falls across the three years while profit rises, because net worth grew faster than profit. Net asset value a share was ₹150.25 as of 31 March 2026.
Listed peers named in the draft
DRHP, Basis for the Offer Price (p. 111 to 112). Peer prices as of 9 September 2026 on NSE, and peer figures for the year ended 31 March 2026.The document puts the peer group average P/E at 39.55 times, with a high of 92.46 times for Anand Rathi Wealth and a low of 22.13 times for Gaja Alternative Asset Management. The P/E for Abakkus is not given until the price band is set. The figures for Anand Rathi Wealth are adjusted for its bonus issue with a record date of 3 June 2026.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Abakkus Asset Manager (FY26) | 21.52 | Set with the price band | 56.49% |
| 360 ONE WAM | 29.19 | 37.25x | 14.39% |
| Aditya Birla Sun Life AMC | 33.68 | 31.67x | 25.10% |
| Anand Rathi Wealth | 23.59 | 92.46x | 47.54% |
| Canara Robeco Asset Management Company | 10.22 | 23.36x | 30.29% |
| Gaja Alternative Asset Management | 7.17 | 22.13x | 16.47% |
| HDFC Asset Management Company | 66.50 | 36.69x | 32.93% |
| ICICI Prudential Asset Management Company | 66.73 | 45.01x | 85.80% |
| Nippon Life India Asset Management | 23.63 | 49.29x | 34.48% |
| Nuvama Wealth Management | 56.06 | 31.77x | 27.34% |
| SBI Funds Management | 15.04 | 36.75x | 43.02% |
| UTI Asset Management Company | 31.41 | 28.68x | 10.38% |
Risks the draft lists first
DRHP, Risk Factors (p. 22 to 30)- Assets under managementRevenue depends on the value of the assets managed and advised, and on the ability to attract and retain investor capital. (Risk factor 1, p. 22)
- Alternates and private equityA large part of quarterly average assets under management sits in the alternates and private equity verticals, which have been transferred to the subsidiary Abakkus Investment Managers Private Limited. (Risk factor 3, p. 25)
- Product performanceIf investment products underperform, the company may face withdrawals, higher redemptions and lower inflows. (Risk factor 4, p. 27)
- Past growthThe document says past performance does not indicate future growth, and that failure to manage growth could affect the business. (Risk factor 5, p. 27)
- Key peopleThe business depends on the continued services of the promoters, key managerial personnel, senior management and other key investment professionals. (Risk factor 6, p. 28)
- RegulationThe business is subject to extensive regulation, and non-compliance could bring penalties and restrictions. (Risk factor 7, p. 29)
Documents
Abakkus Asset Manager DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Abakkus Asset Manager IPO FAQs
When will the Abakkus Asset Manager IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 45 days ago (our calculation).
Has SEBI approved the Abakkus Asset Manager IPO?
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process. Source: SEBI processing status as on 30 October 2026.
What is the Abakkus Asset Manager IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Abakkus Asset Manager IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Abakkus Asset Manager IPO?
Axis Capital Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
Does Abakkus Asset Manager get any money from the IPO?
No. According to the DRHP, the IPO is an offer for sale only, of up to 1,50,00,000 shares. The money goes to the selling shareholders, not the company, and no new shares are issued.
What does Abakkus Asset Manager do?
Abakkus Asset Manager runs an India focused, equity oriented asset management platform. It provides investment management and advisory services across four verticals: alternates, made up of Category III alternative investment funds and portfolio management services; offshore and other products, made up of registered investment advisory and the Aryabhata UCITS fund domiciled in Ireland; private equity, through Category I and Category II alternative investment funds; and mutual funds. The business was founded in 2018 by Sunil Banwarilal Singhania as a limited liability partnership, was re-registered as a company in September 2024 and became a public limited company in September 2026.
Where can I read the Abakkus Asset Manager DRHP?
On SEBI's website, where the draft red herring prospectus was published on 22 September 2026. The draft is dated 22 September 2026 and runs to 487 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 22 September 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.