Thursday, June 13, 2024

KFin Technologies IPO set to open on December 19, to raise Rs 1,500 crore

KFin Technologies, a technology-driven financial services platform, has decided to launch its initial public offering in the coming week, on December 19. This would be the fourth IPO in the current month after Sula Vineyards, Abans Holdings, and Landmark Cars.

The price band for the offer, which closes on December 21, is likely to be announced later this week.

The anchor book will be opened for investors for a day, on December 16.

KFin plans to raise Rs 1,500 crore via a public issue comprising only an offer for sale, by promoter General Atlantic Singapore Fund Pte Ltd. The selling shareholder will get all the proceeds and the company will not receive any money from the offer.

The company has reserved 75 percent of the offer portion for qualified institutional buyers; 15 percent has been reserved for high networth individuals, and 10 percent for retail investors.

KFin is a leading technology-driven financial services platform providing comprehensive services and solutions to the capital markets ecosystem, including asset managers and corporate issuers, across asset classes in India.

It also provides several investor solutions, including transaction origination and processing for mutual funds and private retirement schemes in Malaysia, Philippines and Hong Kong.

KFin has a total of 13 shareholders, including promoter General Atlantic Singapore Fund Pte Ltd, which owns a 72.51 percent stake in the company.Compar Estates and Agencies hold a 10.86 percent stake, while Kotak Mahindra Bank owns 9.86 percent of the company, per the RHP.

KFin recorded a profit of Rs 148.5 crore in FY22 against a loss of Rs 64.5 crore the previous year. Revenue during the same period grew 33 percent to Rs 639.5 crore.

In the six-month period ended September FY23, the company’s profit increased 26 percent to Rs 85.34 crore, while revenue rose 20 percent to Rs 348.7 crore over the same period last year.

ICICI Securities, Kotak Mahindra Capital Company, JP Morgan India, IIFL Securities, and Jefferies India are the merchant bankers to the issue. Bigshare Services is the registrar.

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