According to sources, financial services platform KFin Technologies has received approval from capital markets regulator Securities and Exchange Board of India (SEBI) to raise Rs 2,400 crore through an initial public offering (IPO). In March of this year, the company filed preliminary IPO papers.

The IPO will be a pure offer-for-sale (OFS) of up to Rs 2,400 crore by the company’s existing promoters, General Atlantic Singapore Fund, which owns 74.94 per cent of it. The company will receive no proceeds from the offer because the entire amount will go to the promoter selling shareholder.

KFin Technologies is majority-owned by funds managed by General Atlantic, a private equity investor. In addition, Kotak Mahindra Bank Limited owns a 9.98 per cent stake inKFintech, which it acquired in 2021.

KFintech is a provider of investor and issuer solutions to asset managers, wealth managers, pension funds, and corporate issuers, as well as international clients in Southeast Asia and Hong Kong.

The issue’s book running lead managers are ICICI Securities, Kotak Mahindra Capital Company, JP Morgan India, IIFL Securities, and Jefferies India.

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