Sunil Singhania-Led Abakkus Files DRHP For 1.50 Crore-Share IPO, Fast-Growing Asset Manager Heads To Dalal Street

Mumbai - Abakkus Asset Manager Limited, the asset management firm founded by Sunil Banwarilal Singhania, has submitted its draft red herring prospectus to the Securities and Exchange Board of India (SEBI) for a public offering. This Initial Public Offering (IPO) involves the sale of up to 1.50 crore equity shares by the promoter company, Abakkus Expert Professionals LLP. Importantly, this issuance is entirely an Offer for Sale (OFS), which means the company will not receive any proceeds from the sale.

The primary objective of this public listing is to leverage the benefits associated with being a publicly traded equity share. The company plans to distribute up to 50 percent of the net offer to qualified institutional buyers, reserving at least 15 percent for non-institutional bidders and 35 percent for retail investors.

Established in 2018, Abakkus offers investment management and advisory services across various domains, including alternative investments, offshore products, private equity, and mutual funds. According to an ICRA report, the firm's non-mutual fund quarterly average assets under management (AUM) grew at an impressive 18 percent between fiscal years 2024 (FY24) and 2026 (FY26).

Additionally, Abakkus' discretionary private money management (PMS) assets under management reached Rs 20,000 crore, with an annual growth rate of 158 percent over six years. As of March 31, 2026, the company held India's second-largest discretionary PMS client base.

Abakkus currently holds the fourth position in India's total equity strategy discretionary PMS segment, boasting an AUM of Rs 18,538 crore, which constitutes a 5.25 percent market share. In a relatively short period, the firm's mutual fund business grew to Rs 10,000 crore in equity schemes within just eight months of its launch, with its maiden equity new fund offer collecting Rs 2,492.97 crore, the highest among Asset Management Companies (AMCs) launched after April 1, 2002.

The firm's financial growth is equally noteworthy. Revenue from operations increased from Rs 418.60 crore in FY24 to Rs 765.91 crore in FY26, reflecting a compound annual growth rate (CAGR) of 29 percent. Profit after tax also grew from Rs 205.43 crore to Rs 327.05 crore, indicating a CAGR of nearly 26 percent. The book-running lead managers for this IPO include Axis Capital, ICICI Securities, IIFL Capital Services, and JM Financial, while KFin Technologies serves as the registrar.