Blend Financial Services files DRHP with Sebi for IPO

Blend Financial Services, a diversified financial services company, today said that it has filed a draft red herring prospectus (DRHP) with the market regulator Sebi for its public offering.

The initial public offer (IPO) will comprise 42,50,000 equity shares of Rs 10 each at a premium to be decided through the book-building process, a press release issued stated.

The issue comprises a net issue to the public of 42,15,000 equity shares and a reservation of 35,000 equity shares for eligible employees of the company. The issue and the net issue shall constitute 25.31 per cent and 25.10 per cent of the post-issue paid-up equity capital of the company.
    
Promoted by Kailash Chandra Gupta, Ravi Gupta and Vaibhavi Mahendra Thakkar, Blend Financial Services is primarily focused on assisting small and medium enterprises (SMEs) in financial planning and arranging debt as well as on offering investment banking services to corporate clients.
    
It is headquartered in Mumbai and has offices in Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, New Delhi and Pune in India. It also has an international presence through subsidiaries in Dubai and Hong Kong.

As a part of its business strategy, the company has entered into a joint venture agreement with FIMBank Plc (now assigned to FIMFactors BV, a wholly-owned subsidiary of FIMBank Plc), Banca IFIS and Punjab National Bank to set up a company engaged in the business of factoring, forfeiting and leasing in India.
    
The company proposes to list its shares on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
    
The book-running lead managers (BRLMs) to the issue are IDBI Capital Market Services, PL Capital Markets and Punjab National Bank.