KFin Technologies shares would make their debut on the stock exchanges tomorrow, December 29. The initial public offering (IPO) of KFin Tech got 2.59 times subscription. The initial share sale received bids for 6,14,67,520 shares against 2,37,75,215 shares on offer, BSE data showed.
The quota for qualified institutional buyers (QIBs) was subscribed 4.17 times, while the category for retail individual investors (RIIs) received 1.36 times subscription and non-institutional investors got 23 per cent subscription.
The IPO had a price range of Rs 347-366 per share. The financial services platform had raised Rs 675 crore from anchor investors.
Also Read |┬аInfosys, Bank of Baroda, HUDCO: What Vaishali Parekh of Prabhudas Lilladher says on 3 stocks
Latest GMP
KFin Tech IPO’s grey market premium (GMP) was last heard as nil. It implied that the grey market expected the company to witness a muted listing.
ICICI Securities, Kotak Mahindra Capital Company, J P Morgan India, IIFL Securities and Jefferies India were the managers to the offer.
Brokerage view
* Anand Rathi has said that the valuation of the IPO appears to be reasonable.
* KR Choksey has recommended a ‘Neutral’ rating for the IPO.
* SMC has assigned two out of five stars to the issue. A long-term investor may opt for the issue, it said.
* Prabhudas Lilladher has stated that one can subscribe for the long term.
KFin Technologies is majority-owned by funds managed by private equity investor General Atlantic. Kotak Mahindra Bank Limited also owns a 9.98 per cent stake in KFintech, which it acquired in 2021.
Also Read |┬аTanla Platforms shares up 9% in three straight sessions; more upside ahead?
It is the country’s largest investor solutions provider to Indian mutual funds based on the number of Asset Management Company (AMC) clients serviced as of September 2022.
