Ace investor Madhu Kela owns 8.99% in Sunil Singhania-led Abakkus AMC’s holding company, DRHP shows

Abakkus Asset Manager Ltd., led by veteran investor Sunil Singhania, has Madhuri Madhusudan Kela as a partner in its holding company and promoter, Abakkus Expert Professionals LLP, where she holds an 8.99% share of the total capital contribution.

The DRHP states that an LLP amendment agreement dated September 11, 2026, was signed by the promoters. The signatories included Sunil Banwarilal Singhania, Kanchan Sunil Singhania, Ecosmart Climate Solutions Private Limited, Biharilal Laxman Deora, Madhuri Madhusudan Kela, Ujjwal Sunil Singhania and Khushi Sunil Singhania.

Abakkus Asset Manager IPO

Abakkus Asset Manager filed its DRHP with the Securities and Exchange Board of India (Sebi) last week, setting the stage for its proposed initial public offering. The IPO will comprise an offer for sale of 15 million equity shares, each with a face value of Rs 2. As the issue is entirely an OFS, the proceeds will go to the existing selling shareholders.


The proposed issue structure provides for 50% of the shares to be allocated to qualified institutional buyers, 15% to non-institutional investors and 35% to retail investors. An employee reservation portion is also proposed.

Abakkus has reported a steady rise in revenue and profit over the past three fiscal years. Revenue increased to Rs 796 crore in FY26 from Rs 707 crore in FY25 and Rs 479 crore in FY24. Profit after tax rose to Rs 327 crore in FY26 from Rs 258 crore in FY25 and Rs 205 crore in FY24.

The investment platform follows a research-driven investment philosophy focused on long-term wealth creation through fundamental investing, disciplined portfolio construction and risk management.

Abakkus offers investment solutions across four major business verticals. Its alternatives business includes Category III Alternative Investment Funds and Portfolio Management Services. Its offshore and other products business includes registered investment advisory services and the Aryabhata Fund, a UCITS fund. The platform also operates private equity businesses through Category I and Category II AIFs, alongside its mutual fund business.

According to the ICRA Report, Abakkus has been among the fastest-growing India-focused asset management platforms in terms of non-mutual fund quarterly average assets under management. Its QAAUM recorded a CAGR of 18.39% between FY24 and FY26.

The company has also built a presence in India's discretionary Portfolio Management Services segment. As of March 31, 2026, Abakkus ranked fourth in the total equity strategy discretionary PMS segment, with assets under management of Rs 185,381.40 million and a 5.25% market share, according to the ICRA Report.

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The promoters of Abakkus Asset Manager include Sunil Banwarilal Singhania, Kanchan Sunil Singhania, Abakkus Expert Professionals LLP, SUKK Family Trust and Ecosmart Climate Solutions Private Limited.

Axis Capital, ICICI Securities, IIFL Capital and JM Financial are the book-running lead managers for the proposed IPO, while KFin Technologies Ltd. will act as the registrar to the issue.

Disclaimer: This article has been written by Veer Sharma, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma and his ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.