Muthoot Microfin has set a price band of Rs 277–291 per share for its upcoming initial public offering that is scheduled to open next week, according to a company statement.
The maiden share sale will open on Dec. 18. Investors can subscribe to the offer till Dec. 20. The anchor portion will be available for subscription on Dec. 15.
The offer for sale will see promoters Thomas John Muthoot, Thomas Muthoot, Thomas George Muthoot, Preethi John Muthoot, Remmy Thomas, Nina George sell stake worth Rs 30 crore to Rs 70 crore.
Investor Greater Pacific Capital WIV Ltd. will offload shares up to Rs 100 crore in the IPO.
The IPO comprise fresh issue of shares worth Rs 760 crore, and offer for sale up to Rs 200 crore, aggregating to Rs 960 crore, according to the red herring prospectus for the offer. The company had reduced the IPO size from Rs 1,350 crore mentioned in the DRHP.
The Rs 760 crore from the fresh issue will be deployed in 2024 towards business expansion, onward lending and maintaining RBI-mandated capital adequacy levels. The microfinance lender has a CRAR higher than the statutory limit of 15%, it said in the RHP.
ICICI Securities Ltd., Axis Capital Ltd., JM Financial Ltd. and SBI Capital Markets Ltd. are the book running lead managers for the issue.
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