The ICICI Prudential AMC IPO has generated a lot of interest and buzz, and given its size, it is likely to debut soon as a large-cap in the public markets. The company has grown into one of the largest AMCs in India. But the Indian mutual fund space has been nurtured for years by several smaller AMCs that may not always grab headlines. Below are a few such smallcap AMCs that have been around, but for varied reasons have either shrunk or not been able to grow, even as ICICI Prudential readies for a big listing.
UTI: The legacy AMC (Market cap ₹14,571 cr as of Dec 2025)
UTI AMC traces its roots back to the oldest mutual-fund institutions in India: the original Unit Trust of India (UTI), founded in 1963. UTI may be smaller than market giants like HDFC AMC and Nippon, but they still have a significant AUM: the company boasts a group AUM of ₹22.41 lakh crore. It also serves as the investment manager for UTI Mutual Fund, which reported a Quarterly Average AUM of ₹3.78 lakh crore and over 1.36 crore live folios as of September 30, 2025.
UTI AMC offers diverse mutual fund options, including equity, debt and hybrid funds, as well as portfolio management services and retirement solutions for a wide investor base. They have over 1 crore live folios and a physical/digital reach, with a reputation for serving a wide geography: the company has a presence across 698 districts across India.
Aditya Birla Sun Life: A mid-tier giant driven by retail investors (Market cap ₹21,728 cr as of Dec 2025)
The company is one of India’s leading asset management firms, incorporated in 1994 as a joint venture between Aditya Birla Capital Limited and Sun Life (India) AMC Investments Inc. It serves a broad investor base with a diversified product suite that includes mutual funds, portfolio management services, alternative investment funds, offshore offerings and real estate strategies.
As per their Q2 FY26 highlights, Aditya Birla Sun Life MF has an AUM of about ₹4.6 lakh crore. Individual monthly average AUM is around ₹2.07 lakh crore, indicating that 48% (roughly half of the money the company manages) is driven by individual or retail investors. The company also reports that 17.5% of their AUM comes from B-30 or Beyond top 30 Cities as defined by SEBI, indicating wide reach and penetration.
Canara Robeco: New kid on the block serving semi-urban investors (Market cap ₹5,849 cr as of Dec 2025)
Canara Robeco is among the oldest mutual-fund houses in India: its predecessor fund was set up in December 1987 (as Canbank Mutual Fund), and the AMC was incorporated in 1993. But, it is the newest entrant among listed AMCs, and manages over ₹1 lakh crore for largely retail, equity-oriented investors.
As of mid-2025, its quarterly average AUM was around ₹1.11 lakh crore, per public filings, which is a significant number, though smaller than the largest AMCs. Canara Robeco offers a mix of equity, debt, hybrid and thematic schemes. Its distribution network via a large sponsor bank (and legacy promoter base) helps reach retail and semi-urban investors. As of June 2025, Canara Robeco’s B-30 AUM made up ₹27,924 crore, or 23.98% of MAAUM, (Monthly Average Assets Under Management), which accounts for the second highest B-30 share among the top 20 AMCs in India.
Shriram: Small size, small ticket investors, but loyal base (Market cap ₹634 cr as of Dec 2025)
Shriram Asset Management Company runs Shriram Mutual Fund, and has been around since 1994. Among the smaller players in the space, it has an AUM of 1108 crore as of November 2025, with over 40,000 investors through the years. The AMC offers a variety of schemes: equity, hybrid, debt, liquid, and even tax-saving (ELSS) products — which may appeal to first-time or smaller investors seeking simpler, lower-ticket mutual-fund exposure. They launched a scheme called the “Choti SIP” in the Shriram Multi Asset Allocation Fund, allowing investments from just ₹250 per month, specifically targeting small ticket investors to make investing more accessible.
IL&FS (IL&FS Infra Asset Management / IL&FS Investment Managers): The infra-focus (Market cap ₹254 cr as of Dec 2025)
IL&FS’s AMC operations are focused more on infrastructure-related funds (infrastructure debt funds and related schemes) rather than broad retail equity mutual funds. These are specialised products that serve investors seeking infrastructure exposure: higher-risk, narrower-focus offerings compared with mainstream equity/debt mutual funds.
While its AUM is far smaller compared to mainstream AMCs (recent data shows a modest AUM base compared to other players), for investors seeking niche exposure in infrastructure debt, long-term project-linked investing, this AMC still has a role, though it may come with higher risk and narrower focus.
ICICI Prudential AMC’s listing is a landmark event for India’s mutual-fund industry, spotlighting AMCs as investible corporate entities. But mere size doesn’t necessarily mean an AMC is superior. Smaller, modest-sized AMCs like UTI, Canara Robeco, Shriram AMC, and IL&FS Investment Managers have played a steady role over years, offering retail-friendly access, variety, and what may be seen as simple models for first-time investors. As Indian mutual-fund penetration grows beyond metros and high-net-worth segments, these AMCs may continue to matter — and for many investors, they may remain a good, reasonable choice.
Sources
IPO Central: Largest AMC in India: Rankings, AUM Data & Investor Trends
Bajaj FinServ: AMC Stocks in India
https://www.smallcase.com/collections/uti-mutual-funds/?utm_
Investywise: Aditya birla sun life amc reports strong aum growth
Reuters:India’s Canara Robeco sets IPO price band at 253-266 rupees, eyes $598 million valuation
AngelOne:UTI AMC Share Price in Focus; Q2 FY26 Profit Rises to ₹166 Crore
Aditya Birla Sun Life AMC Ltd: Key Highlights – Q2 FY26