Abakkus Asset Manager IPO

Abakkus Asset Manager Limited IPO is a Book Building Issue consisting entirely of an Offer for Sale of up to 1.50 crore shares.

The equity shares are proposed to be listed on NSE and BSE. Axis Capital Limited is the Book Running Lead Manager, and KFin Technologies Limited is the registrar of the issue. Key details, such as IPO dates, IPO price bands, and lot size, are yet to be announced.

About Abakkus Asset Manager Limited

Abakkus Asset Manager Limited is an India-focused asset management platform founded in 2018 by Sunil Banwarilal Singhania, an investment professional with over three decades of experience in asset management and equity investing. The business was initially established as Abakkus Asset Manager LLP on March 14, 2018, under the Limited Liability Partnership Act, 2008. It was subsequently re-registered as Abakkus Asset Manager Private Limited on September 24, 2024, and converted into a public limited company under the name Abakkus Asset Manager Limited on September 5, 2026. The company is headquartered in Mumbai, Maharashtra.

The company provides investment management and advisory services, primarily focused on equity strategies, through four business verticals: Alternates, Offshore and Other Products, Private Equity, and Mutual Funds. Its Alternates vertical comprises Category III Alternative Investment Funds (AIFs) and Portfolio Management Services (PMS), through which it manages investment portfolios on a discretionary basis for clients.

The Offshore and Other Products vertical includes registered investment advisory services and the Aryabhata India Fund, a UCITS fund domiciled in Ireland. Its Private Equity vertical comprises Category I and Category II AIFs, while its Mutual Funds vertical offers equity and liquid fund schemes. The company caters to domestic and offshore investors, institutional and sophisticated investors, family offices, corporates, and retail investors.

The company's investment philosophy follows a benchmark-agnostic approach, relying on bottom-up fundamental research and a long-term investment horizon. It uses a four-principle framework known as the 4C approach, which emphasizes business fundamentals, disciplined investing, independent research, and avoiding businesses with elevated credit and balance-sheet risks.

Its investment process also follows a 5D framework—Discover, Delve, Develop, Detail, and Deliver—to identify investment opportunities, evaluate businesses, and construct concentrated, high-conviction portfolios. The company further uses its MEETS framework to assess management quality, earnings, events and trends, timing, and structural business characteristics.

As of March 31, 2026, the company's total quarterly average assets under management (QAAUM) stood at ₹414,091.02 million, compared with ₹339,947.14 million in FY25 and ₹273,102.93 million in FY24. Its PMS business reported a closing AUM of ₹194,237.50 million and served 11,735 unique investors, while its Category III AIF business had a closing AUM of ₹123,477.60 million and 5,116 unique investors. The company also reported a UCITS AUM of ₹13,288.62 million and an RIA AUM of ₹1,727.76 million as of the same date. Its mutual fund business achieved ₹100,000 million in equity-category scheme AUM within eight months of commencing operations, while its maiden equity NFO collected ₹24,929.66 million.

The company has expanded its operations through multiple regulatory registrations, approvals, and investment vehicles, including licenses for AIF management, PMS and RIA activities, mutual fund operations, and a Fund Management Entity (Non-Retail) license in GIFT City, Gujarat.

It also acts as the investment manager of an offshore UCITS fund domiciled in Ireland and has obtained approval for its proposed Specialised Investment Fund (SIF) product. Its revenue from operations increased from ₹4,186.03 million in FY24 to ₹7,659.09 million in FY26, while profit after tax rose from ₹2,054.34 million to ₹3,270.54 million over the same period.

Industry Outlook

• The Indian asset management industry has witnessed sustained growth, with mutual fund assets under management (AUM) increasing from ₹10 trillion in 2014 to ₹20 trillion in 2017, ₹30 trillion in 2020, ₹53.4 trillion in FY24, and ₹73.7 trillion in FY26. The Portfolio Management Services (PMS) industry's AUM nearly doubled from ₹20.7 trillion in FY21 to ₹41.4 trillion in FY26, registering a CAGR of approximately 14.9%.
• India's alternative investment assets increased from ₹2.5 trillion in FY21 to ₹7.1 trillion in FY26, recording a CAGR of 22.8%, compared with 11.9% growth in traditional investments. AIF investments accounted for the majority of this expansion, rising from ₹2 trillion to ₹6.8 trillion during the same period.
• Category II AIFs remained the largest segment, with investments increasing from ₹1.4 trillion in FY21 to ₹4.1 trillion in FY26, registering a CAGR of 24.1%. Category III AIFs emerged as the fastest-growing category, recording a CAGR of 38.6%, while Category I AIF investments grew at a CAGR of 22.1%.
• Retail participation in India's mutual fund industry has expanded significantly. The number of mutual fund folios increased from 98.6 million in April 2021 to approximately 278.6 million as of June 2026. Equity, hybrid, and solution-oriented schemes accounted for approximately 212.3 million folios, while the industry had 61.9 million unique investors as of June 2026.
• Net household financial savings increased from 5.1% of GDP in FY23 to 7.1% in FY25. The share of equity and investment funds in household financial assets also increased from 8.7% in FY24 to 15.1% in FY25, supported by greater financial awareness, rising retail participation, digital investment platforms, and growing preference for mutual funds as long-term investment vehicles.
• Insurance companies, pension funds, banks, corporate treasuries, sovereign wealth funds, family offices, and foreign investors contribute to market depth, liquidity, and price discovery. The adoption of AIFs and PMS has also expanded investment opportunities for sophisticated investors. In 2025, family offices and corporate venture capital investors collectively completed 298 transactions, accounting for approximately 22% of venture capital and growth-stage deals.

Abakkus Asset Manager IPO Objectives

The Abakkus Asset Manager Limited IPO is a 100% Offer for Sale (OFS), so the company will not receive any funding, and the entire IPO proceeds will go to the selling shareholders.

Financial Performance of Abakkus Asset Manager Limited

Abakkus Asset Manager Limited Peer Details Comparison