Muthoot Microfin raises Rs 285 crore from anchor investors ahead of IPOmarkets IPO FPO
Muthoot Microfin has raised Rs 285 crore by selling part stake to anchor investors in the pre-IPO placement.
The company has allocated 97,93,812 shares to 26 anchor investors. These include foreign portfolio investors like Morgan Stanley, Societe Generale, Copthall Mauritius Investment.
Among domestic institutional investors, a string of insurance companies, including ICICI Prudential Life Insurance, HDFC Life Insurance, Bajaj Allianz Life Insurance, Kotak Mahindra Life Insurance, and SBI General Life Insurance have been allotted shares in the pre-IPO placement.
The initial public offering of Muthoot Microfin will open for subscription on December 18. The issue closes on December 20.
The company's shares are expected to get listed on both the exchanges.
The IPO comprises a fresh issue of Rs 760 crore and an offer-for-sale (OFS) of Rs 200 crore.
Under the OFS, promoters Thomas John Muthoot, George Muthoot, Preethi John Muthoot, Remmy Thomas and investor Greater Pacific Capital will offload shares.The price band of this public issue is fixed at Rs 277-291. Investors can bid for 51 shares in 1 lot and in multiples thereafter.
Muthoot Microfin is the fourth largest microfinance company in India in terms of gross loan portfolio.
