The initial public offering (IPO) of KFin Technologies was subscribed 0.5 times on the first day of the issue.
The institutional investor portion was subscribed by 0.9 times, the wealthy investor part by 0.01 times, and the retail investor portion by 0.26 times. The company has allotted Rs 675 crore to 44 anchor investors.
KFin Technologies was initially looking to launch a Rs 2,400-crore IPO but now, it has reduced the issue size to Rs 1,500 crore to align with market conditions.
KFin’s IPO is an offer for sale by General Atlantic Singapore Fund PTE. The IPO will close on December 21.
The company has priced its IPO between Rs 347 and Rs 366 per share. Bids can be made for a minimum of 40 shares and in multiples of 40 shares thereafter.
ICICI Securities, Kotak Mahindra Capital Company, JP Morgan India, IIFL Securities and Jefferies are the managers of the IPO.
KFin is a financial services platform providing services and solutions to asset managers and corporate issuers across asset classes in India and abroad. The company provides several investor solutions including transaction origination and processing for mutual funds and private retirement schemes in Malaysia, the Philippines and Hong Kong.
As of September 30, 2022, KFin is India’s largest investor solutions provider to mutual funds, based on the number of AMC clients serviced.
The company provides services to 24 out of 41 AMCs in India, as on September 30. This represents 59 per cent of the market share based on the number of AMC clients.
The company is also one of the three operating central record-keeping agencies (CRAs) for the National Pension System (NPS) in India.
The company provides a range of investor and issuer solutions, including mapping of mutual fund schemes of AMCs to distributors selected by the AMCs.
It also offers related distributor management, GST compliance assistance and customer onboarding with integrated KYC, among others.
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