Canara Robeco Asset Management Company (AMC) has received Securities and Exchange Board of India’s (SEBI) go-ahead to raise funds through initial public offering (IPO). The IPO is completely an offer for sale (OFS) of 4.98 crore equity shares by promoters with no fresh issue component. Under the OFS, promoters -- Canara Bank and ORIX Corporation Europe N.V. (previously known as Robeco Groep N.V.) -- will offload 2.59 crore and 2.39 crore shares, respectively. Canara Bank owns 51 per cent stake in Canara Robeco Asset Management Company while Orix Corporation holds the remaining stake in the AMC. Since the IPO is entirely an OFS, the company will not receive any funds from the public issue, and the proceeds will go to the selling shareholders. SBI Capital Markets, Axis Capital and JM Financial are the book-running lead managers to the issue. The equity shares are proposed to be listed on the BSE and NSE.Canara Robeco Asset Management Company is the country's second-oldest asset manager. The state-run lender had floated the company in 1993, partnering with Robeco, now part of Orix, in 2007. Its primary activities include managing mutual funds and providing investment advice on Indian equities.