Aditya Birla Sun Life AMC IPO - Reasonably Priced For Potentially Higher Earnings: Nirmal Bang
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Nirmal Bang's IPO Report
Aditya Birla Sun Life AMC Ltd. is the fourth largest asset management company overall and the largest non-bank AMC in India with a total AUM of Rs 2.94 trillion (June 2021).
Low penetration of mutual funds and equity as an asset class in India are favorable sector tailwinds, which coupled with a strong parentage (Aditya Birla Group), should aid AUM growth for the company.
Despite the presence of multiple players in the AMC industry, the market is highly consolidated with top 10 players accounting for more 80% of the industry AUM.
With higher scale, Aditya Birla Sun Life AMC should benefit from operating leverage (opex/AUM higher than peers).
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