Financial services platform KFin Technologies has raised Rs 675 crore from anchor investors days ahead of its initial share sale. According to a circular uploaded on the BSE website on Friday, the company has decided to allot over 1.84 million equity shares to 44 funds at a cost of Rs 366 crore.
Shares allocated include Goldman Sachs (Singapore) Pty, Morgan Stanley Asia (Singapore) Pty, Coptal Mauritius Investments Limited, Citigroup Global Markets Mauritius, Pinbridge Global Fund and Parry Washington India Master Fund Limited.
In addition, shares of Access Mutual Fund, Sundaram Mutual Fund, Edelweiss Mutual Fund and UTI Mutual Fund and others are also offered.
Out of the total 1.84 crore equity shares to investors, 69.67 lakh equity shares or 38 per cent of the total were allotted to 8 domestic mutual funds in a total of 17 schemes, the data shows.
The company’s IPO will be a net offer for sale (OFS) of up to Rs 1,500 crore through existing promoter General Atlantic Singapore Fund Pte Ltd.
The company receives no revenue from the offer as it all goes to the advertiser. Currently, the promoter and promoter group hold 74.37 percent stake in the company.
The issue, with a price band of Rs 347-366, will open for public subscription on December 19 and close on December 21.
KFin Technologies is majority owned by funds managed by private investor General Atlantic. Kotak Mahindra Bank Ltd. It has a 9.98 percent stake in KFintech, which it bought in 2021.
75% of the issue size is earmarked for qualified institutional investors, 15% for non-institutional investors and the remaining 10% for retail investors. Investors can bid for a minimum of 40 shares and multiples.
KFintech is an investor and issuer solutions provider serving international clients such as mutual funds, alternative investment funds (AIFs), wealth managers, pension funds and corporate issuers, as well as in Southeast Asia and Hong Kong.
As of September 2022, it is the country’s largest provider of investor solutions for Indian mutual funds, based on the number of Asset Management Company (AMC) clients. The firm represents 24 of the 41 AMCs in India with a market share of 59 percent.
ICICI Securities, Kotak Mahindra Capital Company, JP Morgan India, IIFL Securities and Jefferies India are the lead managers of the issue.
The company’s equity shares will be listed on the stock exchange on December 29.