Bandhan MF, Bengal Finance and 7 other investors pick over Rs 20 crore shares in Finbud Financial via anchor book ahead of IPO

Finbud Financial Services IPO

Bandhan Mutual Fund, Bengal Finance and seven other investors acquired shares worth more than Rs 20 crore in Finbud Financial Services, the loan aggregation platform, via anchor book on November 4, a day before the IPO opening.

The company aims to raise Rs 71.7 crore by issuing 50.48 lakh fresh shares via initial public offering (IPO) which will open for the public during November 6-10. The price band for the offer has been fixed at Rs 140-142 per share.

In its filing to exchanges on Tuesday, Finbud has finalised allocation of 14.37 lakh shares to nine anchor investors at the upper price band.

Bengal Finance and Investment, which is associated with ace investor Ashish Kacholia, was the largest investor amongst them in the company through anchor book, acquiring 5.05 lakh shares worth Rs 7.17 crore, followed by Bandhan Mutual Fund which picked 4.35 lakh shares for Rs 6.17 crore.

Other investors including Citrus Global Arbitrage Fund, Magnifica Global Opportunities, Infinity Alternatives Growth Opportunities Fund, and Mili Capital each have been allotted 71,000 equity shares worth over Rs 1 crore.

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Bengaluru-based Finbud Financial Services, promoted by Vivek Bhatia, Parag Agarwal, and Parth Pande in 2012 for creating a retail loan marketplace, Finance Buddha, will utilise IPO proceeds for its working capital requirement, business development and marketing activities.

Further, the IPO funds will also be used for investment in wholly owned subsidiary LTCV Credit, repaying debt, and general corporate purposes.

The company has partnered with a wide network of lenders to offer tailored loan solutions that meet diverse customer needs. Finance Buddha, the retail loan aggregation platform in India, helps people get personal loans, business loans, and home loans from banks and non-banking financial companies.

SKI Capital Services is acting as the merchant banker for the Finbud Financial Services IPO.