{
  "id": 9149369,
  "title": "Sunil Singhania-led Abakkus Asset Manager files draft papers for IPO",
  "url": "https://urgent.news/2026/09/22/sunil-singhania-led-abakkus-asset-manager-files-draft-papers-for-ipo",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-22T14:00:42.000Z",
  "source": {
    "name": "Hindu BusinessLine",
    "slug": "hindu-businessline",
    "url": "https://www.thehindubusinessline.com/markets/sunil-singhania-led-abakkus-asset-manager-limited-files-drhp-for-ipo/article71495690.ece"
  },
  "original_language": "en",
  "account": "Abakkus Asset Manager Ltd, founded by Sunil Banwarilal Singhania, has submitted its Draft Red Herring Prospectus to SEBI for its upcoming Initial Public Offering (IPO). This marks a significant milestone as it is the second fund house after SBI Funds Management to enter the IPO market. The IPO, priced at ₹2 face value, is an offer-for-sale, involving the sale of up to 1.50 crore shares by the promoter, Abakkus Expert Professionals LLP. The primary objective of the IPO is to enable the company to list its equity shares on the BSE and NSE stock exchanges, as per a release from the fund house. The shares will be sold through a book-building process, where 50% of the net offer is allocated to qualified institutional buyers, 15% to non-institutional bidders, and 35% to retail investors. Established in 2018 by Singhania, Abakkus Asset Manager is an asset management platform that provides services in alternatives, offshore investments, private equity, and mutual funds. Under Singhania's leadership, the firm has expanded its asset management portfolio and experienced substantial growth. As of the end of August, the fund house manages assets worth ₹52,609 crore, with revenue from operations increasing from ₹418.60 crore in FY24 to ₹765.91 crore in FY26, and profit after tax rising from ₹205.434 crore to ₹327.054 crore. ICRA's report highlights Abakkus's rapid growth in the non-mutual fund sector, with its quarterly average assets under management growing at a CAGR of 18.39% between FY24 and FY26. The IPO will be led by Axis Capital Ltd, ICICI Securities Ltd, IIFL Capital Services Ltd, and JM Financial Ltd, with KFin Technologies Ltd acting as the Registrar to the offer. The equity shares are set to be listed on both BSE and NSE.",
  "summary": "The IPO is entirely an offer-for-sale for up to 1.50 crore shares by promoter",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Hindu BusinessLine",
        "title": "Iris Global Services files IPO papers with SEBI; eyes ₹200 crore via fresh issue",
        "url": "https://urgent.news/2026/09/22/iris-global-services-files-ipo-papers-with-sebi-eyes-200-crore-via",
        "published": "2026-09-22T08:34:08.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}