KFin Tech gets SEBI nod to raise ₹2,400 cr via IPO

BL Mumbai Bureau Updated - November 15, 2022 at 01:12 PM.

The IPO will be entirely offer for sale by General Atlantic Singapore Fund Pte.

The capital market regulator, SEBI, has approved ₹2,400 crore initial public issue of KFin Technologies, one of the largest investor solutions provider to mutual funds, based on number of AMC clients serviced.

The IPO will be entirely offer for sale by its promoter General Atlantic Singapore Fund Pte.

ICICI Securities is the co-ordinating lead manager for KFintech’s IPO. After the IPO, the equity shares are proposed to be listed on BSE and NSE.

The company received the observation letter from SEBI on November 7. It filed its draft prospectus with the market regulator on March 31. The equity shares offered under the OFS have a face value of ₹10 per equity share.

ICICI Securities Ltd, Kotak Mahindra Capital, JP Morgan India, IIFL Securities, and Jefferies India are acting as the book-running lead managers for the IPO, while Bigshare Services is the registrar of the offer.

KFintech is a leading technology-driven financial services platform providing comprehensive services and solutions to the capital markets ecosystem, including asset managers and corporate issuers across asset classes and providing several investor solutions, including transaction origination and processing for mutual funds and private retirement schemes to 22 asset managers in Malaysia, Philippines, Singapore, and Hong Kong.

As of December-end, the company provides services to 25 out of 42 operational asset management companies in India, representing 60 per cent of the market share based on the number of AMC clients, besides, two new AMCs won, that are yet to launch operations, as on January 31. The company has on-boarded 15 of the last 20 mutual funds launched in India. KFintech is also the largest issuer solutions provider in India based on the number of clients serviced and holds a 43 per cent market share based on the market capitalisation of NSE 500 companies and a 34 per cent market share based on the number of clients serviced within NSE 500 companies, as on January-end. They also service 270 funds of 157 asset managers, representing 32 per cent market share based on the number of AIFs being serviced and are also one of the two operating central record-keeping agencies (“CRAs”) for the National Pension System, as of January-end.

KFintech also provides a suite of value-added services, including a big data analytics tool – Digix, a virtual branch platform, distributor platform, electronic AGM, electronic voting, compliance platform, and mobility solutions.

Published on November 15, 2022 07:42

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