KFin Technologies on Tuesday received approval from market regulator Securities and Exchange Board of India (SEBI) to raise Rs 2,400 crore through an initial public offering (IPO). The financial services platform had filed preliminary IPO papers with the market regulator in March this year.
According to the company's Draft Red Herring Prospectus (DRHP), the Rs 2,400 crore IPO is entirely an offer-for-sale (OFS) by promoter General Atlantic Singapore Fund Pte Ltd. The company will not receive any proceeds from the offer, all the proceeds will go to the promoter.
The financial services company is majority owned by funds managed by General Atlantic, a leading global private equity investor, which holds a 74.9 percent stake in the company. Last year, Kotak Mahindra Bank had acquired a nearly 10 percent stake in the company.
The company provides services to asset managers and corporate issuers across asset classes in India. It also provides solutions, including transaction originating and processing for mutual funds and private retirement schemes in Malaysia, Philippines and Hong Kong.
KFin is the country's largest investor solutions provider to Indian mutual funds based on the number of asset management company (AMC) clients serviced as on January 31, 2022. The firm provides services to 25 out of 42 AMCs in India, representing 60 per cent 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 are proposed to be listed on BSE as well as NSE.
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