The public issue of KFin Technologies so far has seen muted response from investors on December 20, the second day of bidding. The offer has garnered bids for 1.66 crore shares against IPO size of 2.37 crore shares, getting subscribed 70 percent.
Qualified institutional investors, who have been allotted 75 percent of the offer, have bought 1.02 times the reserved quota.
Retail investors have bought 74 percent of the portion set aside for them, while there has been muted interest from high networth individuals who have subscribed just 3 percent of their quota. Up to 15 percent of the total offer is reserved for high networth individuals and the balance 10 percent for retail.
The technology-driven financial services platform has already raised Rs 675 crore via anchor book, hence accordingly the offer size has been reduced to 2.37 crore shares from 4.09 crore shares.
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The company plans to mobilise Rs 1,500 crore via public issue. The entire issue is only an offer for sale by promoter General Atlantic Singapore Fund Pte Ltd, hence all the money will go to the selling shareholder and the company will not get any proceeds from the offer.
The price band for the IPO, which closes on December 21, has been fixed at Rs 347-366 per share.
KFin Technologies provides services and solutions to asset managers and corporate issuers across asset classes in India. It also provides several investor solutions including transaction origination and processing for mutual funds and private retirement schemes in Malaysia, the Philippines and Hong Kong.
It is India's largest investor solutions provider to Indian mutual funds, based on several AMC clients serviced as of September 2022.
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