KFin Technologies IPO see strong subscription from QIBs. Latest GMP on last day of issue

As per market observers, KFin Technologies shares are commanding a premium (GMP) of ₹3 in the grey market today. The shares of the company are expected to list on stock exchanges BSE and NSE on December 29, 2022.

Financial services platform KFin Technologies has raised ₹675 crore from anchor investors. The company decided to allocate over 1.84 crore equity shares to 44 funds at ₹366 apiece. Those who have been allotted shares include Goldman Sachs (Singapore) Pte, Morgan Stanley Asia (Singapore) Pte, Copthall Mauritius Investment Ltd, Citigroup Global Markets Mauritius, Pinebridge Global Funds and Pari Washington India Master Fund Ltd.

KFin Technologies IPO is a pure offer-for-sale (OFS) of up to ₹1,500 crore by its existing promoter General Atlantic Singapore Fund Pte Ltd. The company will not receive any proceeds from the offer, as all of it will go to the promoter. At present, the promoter and promoter group hold a 74.37 per cent stake in the company.

KFin Technologies is majority-owned by funds managed by private equity investor General Atlantic. Kotak Mahindra Bank Limited also owns a 9.98 per cent stake in KFintech, which it acquired in 2021.

KFintech is an investor and issuer solutions provider, serving asset managers such as mutual funds, Alternative Investment Funds (AIFs), wealth managers, pension funds and corporate issuers, as well as international clients in Southeast Asia and Hong Kong.

“KFIN is a well-positioned player in the asset servicing platform business industry with high entry barriers. Long term client relationship, steady market share and healthy profitability provide a good investment opportunity,” said brokerage ICICI Securities in a note.

ICICI Securities, Kotak Mahindra Capital Company, J P Morgan India, IIFL Securities and Jefferies India are the managers to the initial share sale whereas Bigshare Services Pvt Ltd is the registrar of the IPO.