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20-Oct2018

Spandana Sphoorty gets SEBI's nod for IPO

Spandana Sphoorty Financial has received markets regulator Securities and Exchange Board of India's (SEBI) approval to raise funds through an initial public offering (IPO). The IPO consists of fresh issue of shares worth up to Rs 400 crore, and an offer for sale of up to 13,146,595 equity stocks by existing shareholders, including Kedaara Capital Alternative Investment, Helion Venture Partners and Valiant Mauritius Partners.

The company, which filed the draft red herring prospectus with the SEBI in June, got the regulator's approval on October 12. The net proceeds from the issue will be utilized for augmenting capital base and general corporate purposes. Axis Capital, ICICI Securities, IIFL Holdings and JM Financial are the book running lead managers to the issue.

Spandana Sphoorty Financial operates as a microfinance institution in India. The company offers income generation loans for low-income households; loans against property; and loans for women to expand their existing income generating activities, smoothening household cash flows, and acquiring productive assets.


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