New Delhi-based Fusion Micro Finance Ltd’s initial public offering (IPO) will open for subscription on November 2 as the primary market is busy again.

The IPO, which will close on November 4, includes a fresh offering of Rs 600 crore and a proposal from shareholders and promoters to sell up to 13.7 million shares.

Devesh Sachdev plans to sell up to 6.5 lakh shares, up to 1 lakh shares in Mini Sachdev and up to 1.4 million shares through Honey Rose Investments and Creation Investment Fusion LLC, according to OFS.

Oikocredit Ecumenical Development Cooperative Society UA will sell about 6.61 million shares, while Global Impact Funds SCA SiCAR will sell about 3.54 million shares. ICICI Securities, CLSA India, IIFL Securities and JM Financial are the lead managers on this issue.

Anchor bidding will begin on November 1. Shares will be credited to the winning bidder on November 14 and begin trading the following day.

The lender said that the new offering would be used to expand its capital base to meet future capital needs. As of June 2022, Roewe Financial’s CRAR was 21.13%, of which Tier 1 was 19.45%.

In the June quarter, its net interest income stood at Rs 1,846.8 crore, up from Rs 124.59 crore a year earlier. Net profit stood at Rs 75.1 crore against a net profit of Rs 4.41 crore. Its overall non-performing asset ratio was 3.67%, down from 6.19% in the same period last year. Net NPAs were 1.35% and 2.81%.

Founded in 2010, Fusion Microfinance provides financial services to unserved and underserved women in rural and suburban India.

Its total assets under management stood at Rs 73.89 billion in the June quarter, up 59.6% from last year’s period. The lender said it has 2.9 million active borrowers with 966 branches and 9,262 permanent employees spread across 377 territories and 19 states and union territories.