Financial services platform Keffin Technologies has received Securities and Exchange Board of India’s (SEBI) nod to raise Rs 2,400 crore through an initial public offering (IPO). Market sources gave this information on Thursday. The company had filed IPO documents with market regulator SEBI on March 31 this year. As per the documents, the Rs 2,400-crore IPO is purely based on an Offer for Sale (OFS) by the promoter General Atlantic Singapore Fund Pte Ltd. The Company will not receive any income from the issue. Sources said SEBI has approved the initial share sale of Keffin Technologies.
Kotak Mahindra Bank also bought the stake
Keffin is owned by funds managed by General Atlantic. It holds 74.94 percent stake in the company. Last year, Kotak Mahindra Bank had bought a 9.98 percent stake in the company. The shares of the company are proposed to be listed on BSE and NSE.
Subscribe to Fivestar Business Finance IPO
The initial public offering (IPO) of non-banking financial company FiveStar Business Finance got 2 per cent subscription on the first day of the issue on Wednesday. As per data available on NSE, out of 3,04,88,966 shares offered under the IPO, bids were received for 7,21,742 shares. Retail individual investors bid for 4.30 lakh shares. Bid has been placed for 2.55 lakh shares in the Qualified Institutional Buyer (QIB) category. The IPO will close on November 11. Fivestar Business Finance has fixed the price range for the IPO at Rs 450-474 per share. Fivestar Business Finance Ltd on Monday raised Rs 588 crore from anchor investors.