Financial services firm KFin Tech will launch its Rs 1,500 crore initial public offering (IPO) today (December 19) and will end on December 21. The issue price range is from Rs 347 to Rs 366 per share.

Ahead of the IPO, the financial services platform has raised Rs 675 crore from lead investors. The company allocated 1.8 crore equity shares at Rs 366 to 44 funds. Some leading investors include Goldman Sachs (Singapore) Pte Ltd, Morgan Stanley Asia (Singapore) Pte Ltd, Citigroup Global Markets Mauritius, Copthall Mauritius Investment Ltd, Pinebridge Global Funds and Pari Washington India Mastercard Fund Ltd.

The IPO will be offered by its existing promoter, General Atlantic Singapore Fund Pte Ltd (OFS), with a 24.5% stake. The company will not receive any proceeds from the offering.

About 75% of the issuance size is reserved for qualified institutional investors, 15% for non-institutional investors, and 10% for retail investors. Investors can bid for at least 40 shares and multiples thereof.

In early November, KFin Technologies received approval from market regulator Sebi to raise Rs 2,400 crore. Kfin Tech filed preliminary IPO paperwork with market regulators in March 2022.

According to the company’s DRHP, the issue will be an offer to sell (OFS) entirely by promoter General Atlantic Singapore Fund Pte Ltd. The company will not receive any proceeds from the offer, and all proceeds will go to the promoters.

KFin Tech is majority-owned by funds managed by private equity investor General Atlantic. Kotak Mahindra Bank Ltd also owns a 9.98% stake in KFin Tech.

KFin Tech is an investor and issuer solutions provider serving asset managers such as mutual funds, alternative investment funds (AIFs), wealth managers, pension funds, corporate issuers, and international clients in Southeast Asia and Hong Kong.

It is the largest Indian mutual fund investment solutions provider in the country, based on the number of asset management company (AMC) clients served as of September 2022. The firm serves 24 of India’s 41 asset managers and has a market share of 59%.

Kotak Mahindra Capital Company, ICICI Securities, IIFL Securities, JP Morgan India, and Jefferies India are the book-runners. The company will be listed on the stock exchange on December 29.