Asirvad Microfinance IPO likely soon, issue size may be around Rs 1,500 cr
时间:2024-06-29 03:32:52 阅读(143)
Kerala-based gold loan major Manappuram Finance is likely to take its subsidiary Asirvad Microfinance public and has mandated three investment banks for the deal, according to a report by Moneycontrol. When contacted, officials at Manappuram Finance told FE they were not in a position to confirm the news.
The initial public offering (IPO) of the Chennai-based microfinance company is likely to hit the markets soon. The issue size may be around Rs 1,500 crore. It provides MFI loans such as income generating programme loan, product loan, MSME loan and gold loan. The business model allows for a short average turnaround time (TAT) of 3-6 days.
According to the report, Asirvad Microfinance has picked JM Financial, Nomura and Kotak Mahindra Capital, and the preparatory work has begun. The company plans to file the draft red herring prospectus with Sebi by September.
A strong focus on business development and customer retention drove the number of borrowers to 3.34 million in FY23 from 2.57 million in FY22 and a 125% jump in total loan disbursement to Rs 19,248 crore (including gold loan).
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