The initial day of bidding for the Muthoot Microfin IPO has seen a 60% subscription, as investors placed bids for 1.45 crore shares against the total issue size of 2.43 crore shares. Notably, retail investors exhibited a strong interest by subscribing 1.03 times the allotted quota.
As of the latest update, non-institutional investors have subscribed to 35% of their allotted portion, while employees have enthusiastically booked 95% of the reserved shares. Qualified institutional buyers, however, have started at a slower pace.
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Prior to the IPO launch, anchor investors showed confidence in Muthoot Microfin, investing Rs 285 crore in shares. The IPO, with a price band of Rs 277-291 per share, is scheduled to close on December 20, aiming to raise Rs 960 crore. The offering comprises a fresh issue of 2.61 crore shares worth Rs 760 crore and an offer-for-sale of 0.69 crore shares worth Rs 200 crore by existing shareholders.
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Among them, investor Greater Pacific Capital WIV is set to sell shares worth Rs 50 crore, while promoters Thomas John Muthoot, Thomas Muthoot, Thomas George Muthoot, Preethi John Muthoot, Remmy Thomas, and Nina George will collectively sell shares worth Rs 150 crore.
The Kochi-based microfinance institution has demonstrated robust financial performance, reporting a remarkable 246% YoY growth in net profit at Rs 163.9 crore for the fiscal year ending March 2023. Revenue during the same period surged by 71.6% to Rs 1,428.8 crore. For the six months ending September FY24, profit after tax skyrocketed 16.5-fold to Rs 205.2 crore compared to the corresponding period last year, while net interest income surged by 65.6%.
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The anchor book saw participation from more than 20 institutional investors, including prominent names like WCM International, JNL Multi-Manager International, North Carolina Supplemental Retirement Plans, Clearwater International Fund, Florida Retirement System, Morgan Stanley, Integrated Core Strategies, Copthall Mauritius Investment, and Societe Generale.
The UK-based private equity investor Greater Pacific Capital-backed company attracted investments from several insurance companies through the anchor book, including ICICI Prudential Life Insurance, HDFC Life Insurance, Bajaj Allianz Life Insurance, Kotak Mahindra Life Insurance, SBI General Insurance, ICICI Lombard General Insurance, Cholamandalam MS General Insurance, and Pramerica Life Insurance.
