Two companies namely Kfin Technologies (KFintech) and Sai Silks (Kalamandir Limited) have received the market regulator Sebi’s go ahead for their proposed initial public offers (IPOs).
As per Sebi’s latest processing status report, the market regulator had issued observations on the two issues on November 7.
Sai Silks (Kalamandir) is among the largest retailers of ethnic apparel, particularly sarees, in South India in terms of revenues and profit after tax. It operates through four store formats – Kalamandir, VaraMahalakshmi Silks, Mandir, and KLM Fashion Mall.
As per the draft red herring prospectus (DRHP), the IPO comprises a fresh issue of equity shares aggregating up to Rs 600 crore and an offer for sale (OFS) of 18,048,440 shares by promoters and promoter group entities .
It is set to be India’s first saree-focused player to go public. Sources pegged the issue size at around Rs 1,200 crore.
In case of KFintech, the issue will entirely be an offer for sale (OFS) by its promoter General Atlantic Singapore Fund. ICICI Securities is the coordinating lead manager for KFintech’s IPO. After the IPO, the equity shares are proposed to be listed on BSE and NSE.
KFintech is the largest issuer solutions provider in India based on the number of clients serviced and held a 43 per cent market share based on the market capitalisation of NSE500 companies and a 34 per cent market share based on number of clients serviced within NSE500 companies, as on January 31.
KFintech provides several investor solutions including transaction origination and processing for mutual funds and private retirement schemes to 22 asset managers in Malaysia, Philippines, Singapore and Hong Kong.
As on December 31, 2021, KFintech provided services to 25 out of 42 operational asset management companies (AMCs) in India, representing 60 per cent of market share based on the number of AMC clients, besides, two new AMCs won, that are yet to launch operations, as on January 31.
The company has on-boarded 15 of the last 20 mutual funds launched in India. They also service 270 funds of 157 asset managers in India, representing 32 per cent market share based on number of AIFs being serviced and are also one of the two operating central record keeping agencies (“CRAs”) for the National Pension System (“NPS”) in India, as on January 31, 2022.
This company filed its draft prospectus with the market regulator dated March 31. The equity shares offered under the OFS have a face value of Rs 10 per equity share.
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