Sunil Singhania-led Abakkus Asset Manager files DRHP for IPO

Mumbai-based Abakkus Asset Manager, founded and led by ace investor Sunil Banwarilal Singhania, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO).

The proposed IPO is completely an offer for sale (OFS) of up to 1.5 crore equity shares by promoter selling shareholder Abakkus Expert Professionals LLP. As the issue is entirely an OFS, the company will not receive any proceeds from the offer.

As per the DRHP, the proposed IPO is primarily aimed at providing the company with the benefits of listing its equity shares on the stock exchanges.

The IPO document showed that up to 50% of the net offer will be reserved for qualified institutional buyers, while 15% will be allocated to non-institutional investors and the remaining 35% to retail individual investors.

Founded in 2018, Abakkus Asset Manager provides investment management and advisory services across alternatives, offshore and other products, private equity and mutual funds. Singhania, who has more than three decades of experience in asset management and equity investing, previously served as Global Head of Equities – Investment – Equity at Nippon Life India Asset Management from 2003 to 2017.

PMS, mutual fund business drive growth

The company’s non-mutual fund quarterly average assets under management (QAAUM) grew at a CAGR of around 18% between FY24 and FY26, according to an ICRA report.

Abakkus had the second-largest client base among discretionary portfolio management service (PMS) providers in India as of March 31, 2026. Its discretionary PMS QAAUM rose to nearly ₹20,000 crore, registering a CAGR of around 158% over six years.

The company ranked fourth in India’s total equity strategy discretionary PMS segment by AUM, with ₹18,538 crore as of March 31, 2026, translating into a 5.25% market share, according to the ICRA report.

Abakkus Mutual Fund also became the fastest among AMCs launched since April 1, 2002, to reach ₹10,000 crore in equity-category schemes, achieving the milestone within eight months of starting mutual fund operations.

Its maiden equity new fund offer (NFO) raised ₹2,492.97 crore, the largest maiden equity NFO collection among AMCs launched after April 1, 2002, according to the ICRA report.

Revenue, profit rise

Abakkus Asset Manager’s revenue from operations rose from ₹418.60 crore in FY24 to ₹765.91 crore in FY26, registering a CAGR of around 29%.

Profit after tax increased from ₹205.43 crore to ₹327.05 crore during the same period, a CAGR of around 26%.

Axis Capital, ICICI Securities, IIFL Capital Services and JM Financial are the book-running lead managers, while KFin Technologies is the registrar to the issue. The equity shares are proposed to be listed on the BSE and NSE.