Upcoming IPO 2018 in India – Muthoot Microfin plan to comes with Rs 1,000 Crore IPO in India
Muthoot Pappachan Group is planning to raise Rs 1,000 crore via Muthoot Microfin Ltd (MML) IPO. For this, the value of the company is expected to be between Rs 4,000 crore and Rs 5,000 crore.
The company has appointed Motilal Oswal, Edelweiss Securities and Credit Suisse as a merchant banker for managing this issue. The persons related to the case told ET that the company can file draft red herring prospectus in the next two weeks with SEBI.
In response to the e-mail sent by ET, MML said, “We are looking for all possibilities, closely watching the industry’s movements, for now we have no solid updates to share.”
Muthoot Microfin is a wholly owned subsidiary of Muthoot Fincorp. MML has raised Rs 250 crores to speed up its microfinance business. The company wants to strengthen its roots throughout the country. In this, 194 crore rupees have been raised through current promoters through rights issue.
The company has invested $ 1 million through existing PE investors from America Bank through Series B funding. By the end of FY18, the company’s total capital reached Rs 614 crore. Crisil gave MLC Grade M1C1 in April, the highest grade of microfinance.
Last month, SEBI had given green signal to Bangalore-based microfinance company Credit Access Village for an IPO of Rs 1,500 crore. Apart from this, Spandana Microfinance has also filed a petition with SEBI to present an IPO.
Microfinance business is growing in the country. IndusInd Bank had acquired India’s Financial Inclusions last year. Subsequently Kotak Mahindra Bank acquired BSS Microfinance. After the ban, Icra had said that the micro finance industry in India would grow at a rate of 20-22 per cent.
Muthoot Microfin IPO Reviews:
– To Be Updated Soon
|Muthoot Microfin IPO Details|
|Subscription Dates||to be updated|
|Issue Price Band||To be updated|
|Minimum bid (lot size)||To be updated|
|Face Value||to be updated|
|IPO Size||INR 1000 Cr|
|Issue Type||to be updated|
|Listing At||BSE, NSE|
Muthoot Microfin IPO Lead Manager(s):
- Motilal Oswal
- Edelweiss Securities
- Credit Suisse
TCNS Clothing IPO Promoters:
- To Be Updates Soon