The initial public offer (IPO) by Fusion Micro Finance will open for subscription on November 2. The IPO will consist of a fresh issue of Rs 600 crore and an offer for sale (OFS) of up to 1.37 crore shares by shareholders and promoters.
Devesh Sachdev will sell up to 6.50 lakh shares; Mini Sachdev will sell up to 1 lakh shares while Honey Rose Investment and Creation Investments Fusion will sell up to 14 lakh shares each. Other selling shareholders will include Oikocredit Ecumenical Development Cooperative Society UA (up to 66,06,375 shares) and Global Impact Funds SCA SiCAR (up to 35,39,091 shares).
Honey Rose Investment, which owns 48.65 per cent stake in the company, is directly owned by certain private equity funds managed by Warburg Pincus. Creation Investments Fusion is an alternative investment management company.
The price band for the issue will likely to be announced on Friday. The IPO will conclude on November 4. If the IPO gets enough bids, the stock will be listed on November 15.
Fusion Micro Finance intends to utilise the net proceeds from the fresh issue towards augmenting its capital base to meet future capital requirements.
ICICI Securities, CLSA, IIFL Securities and JM Financial are book running lead managers to the issue.
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