Financial services platform Kefin Technologies has received approval from capital markets regulator Securities and Exchange Board of India (SEBI) for raising 2,400 crore through an initial public offering (IPO), sources told news agency PTI on Thursday. The company had filed initial IPO papers in March this year.
IPO Net offer-for-sale (OFS) of up to 2,400 crore by its existing promoters General Atlantic Singapore Fund Pte Ltd, which holds 74.94% stake in the company. The company will not receive any proceeds from the offer as it will all go to the shareholder selling the promoter.
The Securities and Exchange Board of India (SEBI) has approved the initial share sale of Keffin Technologies, sources said.
Keffin Technologies is majority owned by the funds managed by private equity investor General Atlantic. Kotak Mahindra Bank Ltd also holds a 9.98% stake in KFintech, which it acquired in 2021.
Kefintech 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.
Kefin is the country’s largest investor solutions provider to Indian Mutual Funds by number of Asset Management Company (AMC) clients served as on January 31, 2022. The firm provides services to 25 of the 42 AMCs in India, representing 60 percent of the market. share.
In India, it serves 270 funds from 157 asset managers, accounting for 32% based on the number of AIFs. Across multiple asset classes, the company has operations in India, Hong Kong, Malaysia and the Philippines, with a presence in Oman and the Maldives. Kefintech is also serving 19 AMC customers in Malaysia, Philippines and Hong Kong and has signed up three AMCs in Malaysia and Singapore which are yet to go live with it.
ICICI Securities, Kotak Mahindra Capital Company, JP Morgan India, IIFL Securities and Jefferies India are the book running lead managers of the issue.
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