KFintech receives SEBI nod to float Rs 2,400 crore IPO

17 Nov 2022 , 09:27 AM

KFin Technologies Limited had filed preliminary papers with the Securities and Exchange Board of India (SEBI) to raise funds from the market in March 2022. The market regulator approved the company’s plans to float a Rs 2,400 crore IPO.

According to the Draft Red-Herring Prospectus (DRHP) of the company, the issue will be entirely an offer for sale by promoter General Atlantic Singapore Fund Pte Ltd. The company will not receive any proceeds from the issue.

As per DRHP, the Book Running Lead Managers (BRLM) to the issue are ICICI Securities Ltd, Kotak Mahindra Capital, JP Morgon, IIFL Securities and Jeffries India. Bigshare Services is the registrar of the offer.

KFintech is a technology-driven financial services platform. The company provides comprehensive services and solutions to the capital markets ecosystem including asset managers and corporate issuers across asset classes in India. It also helps in the processing of mutual funds and private retirement schemes in Malaysia, the Philippines, Singapore and Hong Kong.

As of December 2021, the company offered services to 25 out of 42 asset management companies (AMCs) in India. This represents 60% of the market share based on the number of AMCs and clients. It is one of only two players of scale in India’s issuer solutions space where it holds a 43% market share based on the market capitalization of NSE 500 companies and a 34% market share based on the number of clients serviced within NSE 500 companies, each as on January 31, 2022.

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