General Atlantic-backed KFin’s IPO Oversubscribed By 2.6x On The Final Day


According to data from the Bombay Stock Exchange, the initial public offering (IPO) of General Atlantic-backed KFin Technologies was oversubscribed by 2.59x on the final day of subscription.

Through its IPO, the financial services firm hoped to raise Rs 1,500 crore. The December 19 auction was entirely an offer for sale by promoter and majority owner General Atlantic Singapore Fund.

The Qualified Institutional Buyers’ portion had been oversubscribed 4.17 times by the end of the day on December 21, the final day of subscription. The category received bids for 5.4 million shares, compared to the 1.29 million on offer.

The retail investor category was 1.36x oversubscribed, with investors bidding 5.9 million shares against the allotted 4.32 million. Non-institutional investors received 23 per cent of the bids, with 1.52 million shares bid on against the allotted 6.48 million shares.

Overall, the issue received bids for 61.47 million shares, compared to the 23.78 million on offer. At the end of day 2, it was 70 per cent subscribed.

KFin serves the capital markets ecosystem, which includes asset managers, wealth funds, and corporate issuers, with a tech-led financial services platform.

The company had set a price range of Rs 347 to Rs 366 per share for the offering. The proceeds of the IPO will go entirely to General Atlantic, the company’s majority shareholder, who is looking to sell a portion of its stake. In 2017, General Atlantic invested $62.39 million in KFin Technologies.

The company has raised Rs 675 crore from 44 anchor investors ahead of its initial public offering (IPO) on Saturday at a price band of Rs 366 per equity share.

In the fiscal year (FY) ended March 2022, the company reported revenue from operations of Rs 639.5 crore, up 33 per cent from the previous year. KFin earned Rs 148.6 crore in FY22, compared to a loss of Rs 64.5 crore in FY21.

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