KFin Technologies files draft papers for Rs 2,400 crore IPO

Financial services platform KFin Technologies has filed draft papers with market regulator SEBI (Securities and Exchange Board of India) to raise Rs 2,400 crore through an Initial Public Offering (IPO). 

The IPO is entirely an offer-for-sale (OFS) by the company's promoter General Atlantic Singapore Fund Pte. Ltd., according to KFin Technologies' DRHP. 

KFin provides services to asset managers and corporate issuers across asset classes in India. It also provides solutions, including transaction originating and processing for mutual funds and private retirement schemes in Malaysia, Philippines and Hong Kong.

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KFin Technologies is majority owned by funds managed by General Atlantic, a leading global private equity investor, which holds a stake of 74.94%. Kotak Mahindra Bank Limited acquired a 9.98% stake in KFin Technologies in 2021.

KFin Technologies is the country's largest investor solutions provider to Indian mutual funds based on the number of asset management company (AMC) clients serviced as on January 31, 2022. The firm provides services to 25 out of 42 AMCs in India, representing 60 per cent market share.

For the nine months ended December, KFin posted revenues from operations at Rs 458 crore and a net profit of Rs 97.6 crore, representing a year-on-year growth of 35 per cent and 313 per cent, respectively.

ICICI Securities, Kotak Mahindra Capital Company, JP Morgan India, IIFL Securities and Jefferies India are the book running lead managers to the issue. The equity shares of the company are proposed to be listed on BSE as well as NSE.

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