• KFin Technologies IPO will close on Wednesday, December 21, 2022
The initial public offering of Keffin Technologies, led by Qualified Institutional Buyers (QIBs), was subscribed 70 per cent on the second day of subscription on Tuesday. The three-day share sale will end on Wednesday, December 21, 2022 and has a price range of ₹347-366 per share.
According to market observers, Kfin Technologies shares are earning a premium (GMP) of ₹3 in the gray market today. The shares of the company are expected to be listed on the stock exchanges BSE and NSE on December 29, 2022.
Financial services platform KFin Technologies has raised ₹675 crore from anchor investors. The company decided to allot over 1.84 crore equity shares to 44 funds at ₹366 per share. Those to whom the shares have been allotted include Goldman Sachs (Singapore) Pte, Morgan Stanley Asia (Singapore) Pte, Copthal Mauritius Investment Ltd, Citigroup Global Markets Mauritius, PineBridge Global Funds and Pari Washington India Master Fund Ltd.
Kefin Technologies IPO is a net offer-for-sale (OFS) of up to ₹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 promoters. Currently, the promoter and promoter group hold 74.37 per cent stake in the company.
KFin Technologies is majority owned by funds managed by private equity investor General Atlantic. Kotak Mahindra Bank Ltd also has a 9.98 per cent stake in the fintech, which it will acquire in 2021.
KFintech 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.
“KFIN is well positioned in an asset servicing platform trading industry with high entry barriers. Long-term client relationships, stable market share and healthy profitability make it a good investment opportunity, brokerage ICICI Securities said in a note.
ICICI Securities, Kotak Mahindra Capital Company, JP Morgan India, IIFL Securities and Jefferies India are the managers of the initial share sale while BigShare Services Pvt Ltd is the registrar to the IPO.
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