The initial public offering (IPO) of General Atlantic-backed KFin Technologies was oversubscribed by 2.59x on the final day of subscription, according to data from the Bombay Stock Exchange.
The financial services firm was aiming to raise Rs 1,500 crore through its IPO. The issue, which opened for bidding on December 19, was entirely an offer for sale by promoter and majority owner General Atlantic Singapore Fund Pte Ltd.
By the end of the day on December 21, the final day of subscription, the Qualified Institutional Buyers’ portion was oversubscribed 4.17 times. The category drew bids for 5.4 million shares against the 1.29 million on the offer.
Retail investor category was oversubscribed 1.36x, with investors bidding 5.9 million shares against the 4.32 million on allotted. The non-institutional investors category was subscribed 23%, garnering bids for 1.52 million shares against the allotted 6.48 million shares.
Overall, the issue got bids for 61.47 million shares against the 23.78 million on the offer. It was 70% subscribed at the end of day 2.
KFin provides a tech-led financial services platform to the capital markets ecosystem including asset managers, wealth funds and corporate issuers.
The firm had set a price range of Rs 347- Rs 366 per share for the issue. All the proceeds from the IPO will go to the majority shareholder General Atlantic, which is looking to offload a part of its stake in the firm. General Atlantic had first invested $62.39 million in KFin Technologies in 2017.
The company has raised Rs 675 crore from 44 anchor investors ahead of the IPO on Saturday at the upper price band of Rs 366 per equity share.
The company had reported a revenue from operations of Rs 639.5 crore in the financial year(FY)-ended March 2022, growing 33% over the previous year. KFin reported a profit of Rs 148.6 crore during FY22 compared to a loss of Rs 64.5 crore in FY21.
