Sunil Singhania is a well-known name in the markets. For years, investors have looked up to him for advice on what sectors and stocks to bet on . Now his own company is going public but it will be primarily an offer for sale. .
Abakkus Asset Manager, the firm the former Reliance Nippon equities chief built from scratch in 2018, has filed its DRHP with SEBI to go public.
One of the interesting factors to watch in this upcoming IPO is that not one rupee raised will go into the company’s own account books.
Every single share on offer belongs to one seller. So who is cashing out, and why would a wildly profitable asset manager – one whose AUM jumped from Rs 27,310 crore to over Rs 41,000 crore in just two years – choose to list without raising a paisa for itself?
Abakkus IPO details
The proposed IPO will comprise up to 15 million equity shares with a face value of Rs 2 each. The price band has not yet been announced and will be decided through the book-building process.
The shares are proposed to be listed on both the BSE and the NSE.
Axis Capital, ICICI Securities, IIFL Capital Services and JM Financial have been appointed as the book-running lead managers. KFin Technologies will act as the registrar.
Abakkus IPO: Who is selling the shares?
The entire issue is being offered by Abakkus Expert Professionals LLP, the promoter selling shareholder.
Since it is a pure OFS, Abakkus Asset Manager itself will not receive the proceeds from the shares sold in the IPO.
The company has said that the proposed listing is primarily intended to provide the benefits associated with having its equity shares listed on stock exchanges.
Who owns Abakkus?
The ownership is largely concentrated with the promoter group before the IPO.
Abakkus Expert Professionals LLP holds 99% of the pre-offer equity capital, with 148.5 million shares.
Sunil Banwarilal Singhania, the company’s founder, holds another 669,925 shares. Overall, the promoter and promoter group hold 99.79% of the company before the offer.
What does Abakkus actually do?
Understanding it in simple words, Abakkus manages money and provides investment-related services. The company operates across four broad areas. This includes – alternative investments, offshore and other products, private equity and mutual funds.
Its alternative investment business includes portfolio management services and Category III Alternative Investment Funds (AIFs). The company also operates a private equity business through Category I and Category II AIFs.
Mutual funds are a newer business
Abakkus entered the mutual fund segment in fiscal 2026. It launched products including Abakkus Liquid Fund, Abakkus Flexi Cap Fund and Abakkus Small Cap Fund.
The company also has an offshore business that includes registered investment advisory services and the Ireland-domiciled Aryabhata India Fund.
Abakkus financials: How has the business performed?
The company’s financial numbers show an increase in its assets under management and earnings over the past three financial years.
Its quarterly average assets under management rose from about Rs 27,310 crore in FY24 to Rs 33,995 crore in FY25 and Rs 41,409 crore in FY26. Revenue from operations increased from Rs 418.60 crore in FY24 to Rs 765.91 crore in FY26.
Profit after tax also increased from Rs 205.43 crore in FY24 to Rs 257.72 crore in FY25 and Rs 327.05 crore in FY26.
Abakkus IPO: All about the founder?
The company was founded in 2018 by Sunil Banwarilal Singhania. He has more than three decades of experience in investment management and equity investing.
Before founding Abakkus, Singhania was associated with Nippon Life India Asset Management, formerly Reliance Nippon Life Asset Management, where he served as Global Head of Equities from 2003 to 2017.
What investors need to watch
The DRHP filing isthe first step. The price band, final issue structure and IPO dates are yet to be announced.
Since the proposed IPO is entirely an OFS, another key point will be understanding why the existing shareholder is selling and how the issue changes the company’s shareholding after listing.
Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to buy or sell securities. Investors must conduct their own independent due diligence and seek advice from a SEBI-registered financial advisor.