Muthoot Microfin Limited, part of the Muthoot Pappachan Group, plans to raise Rs 1,000 crore from Initial Public Offering (IPO). As per market sources, Muthoot Microfin plans to hit the market in the first half of the 2019.
As per the draft red herring prospect (DRHP) filed by the company, the IPO comprises fresh issue aggregating up to Rs.500 crore and an offer for sale (OFS) of up to 1,63,10,072 equity shares.
This will be fourth pure play micro-finance company to be listed on the Stock exchanges after Bharat Financial Inclusion Limited, Satin Creditcare Net work limited and Credit Access Grameen Limited.
It was in July 2018 that Muthoot Microfin filed DRHP for an IPO with the markets regulator SEBI. The proceeds will be used for expansion of the Muthoot’s footprints in Northern India, as per source info.