Shares of KFin Technologies Ltd hit a new lifetime high of ₹1,620 apiece on Thursday, marking a meteoric rise from its lacklustre debut in December 2022 at ₹364, slightly below its public issue price of ₹366. The stock has more than quadrupled since then, a sharp reversal after languishing below its issue price for nearly six months. What has sparked this dramatic turnaround?
Perhaps, the market's realization that KFin's business as a registrar and transfer agent (RTA) offers a proxy play on the mutual fund (MF) industry. With only two dominant players—KFin and Computer Age Management Services Ltd (CAMS)—the sector presents a significant growth opportunity. KFin's market capitalization has surpassed that of CAMS, which services over two-thirds of the total MF industry's assets under management (AUM). Since KFin's listing, its shares have surged 300%, compared to CAMS's 100% gains. Is this surge justified?
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