Financial services platform KFin Technologies has raised Rs 675 crore from anchor investors ahead of its Initial Public Offering (IPO).

Share Market Live

NSE

The company has decided to allocate 1.84 crore equity shares to 44 funds at Rs 366 apiece, aggregating the transaction size to Rs 675 crore, according to a circular uploaded on the BSE website on Friday.

Those who have been allotted shares include Goldman Sachs (Singapore) Pte, Morgan Stanley Asia (Singapore) Pte, Copthall Mauritius Investment Ltd, Citigroup Global Markets Mauritius, Pinebridge Global Funds and Pari Washington India Master Fund Ltd.

In addition, Axis Mutual Fund, Sundaram Mutual Fund, Edelweiss Mutual Fund and UTI Mutual Fund, among others were allocated shares.

Out of the total allocation of 1.84 crore equity shares to anchor investors, 69.67 lakh equity shares or around 38 per cent of the total were allocated to 8 domestic mutual funds through a total of 17 schemes, the data showed.

The company's IPO will be a pure offer-for-sale (OFS) of up to Rs 1,500 crore by its existing promoter General Atlantic Singapore Fund Pte Ltd.

The company will not receive any proceeds from the offer, as all of it will go to the promoter.

At present, the promoter and promoter group hold a 74.37 percent stake in the company.

The issue, with a price band of Rs 347-366 a share, will open for public subscription on December 19 and conclude on December 21.

KFin Technologies is majority-owned by funds managed by private equity investor General Atlantic. Kotak Mahindra Bank Ltd. also owns a 9.98 percent stake in KFin Tech, which it acquired in 2021.

About 75 percent of the issue size has been reserved for qualified institutional investors, 15 percent for non-institutional investors and the remaining 10 percent for retail investors.

Also Read: Sula Vineyards IPO subscribed 2.33 times on final day

Investors can bid for a minimum of 40 shares and in multiples thereof.

KFin Tech is an investor and issuer solutions provider, serving asset managers such as mutual funds, alternative investment funds (AIFs), wealth managers, pension funds and corporate issuers, as well as international clients in Southeast Asia and Hong Kong.

It is the country's largest investor solutions provider to Indian mutual funds based on the number of asset management company (AMC) clients serviced as of September 2022. The firm provides services to 24 out of 41 AMCs in India, and has a 59 percent market share.

ICICI Securities, Kotak Mahindra Capital Company, JP Morgan India, IIFL Securities and Jefferies India are the book-running lead managers to the issue.

The equity shares of the company will be listed on the stock exchanges on December 29.

Also Read: JSW Infrastructure to file IPO papers by February 2023