KFin Technologies IPO subscribed 2.6 times on concluding day of issue

The initial public offering (IPO) of KFin technologies was subscribed to 2.6 times on Wednesday, the concluding day of the issue. The institutional investors subscribed 4.2 times, the high net worth individuals portion subscribed 23 per cent and the retail investor portion by 1.3 times.

The company had earlier allotted Rs 675 crore to 44 anchor investors. KFin Technologies first considered launching a Rs 2,400-crore IPO but reduced the issue size to Rs 1,500 crore to align with market conditions.

The IPO was an offer for sale by General Atlantic Singapore Fund PTE. KFin had priced the IPO between Rs 347 to Rs 366 per Share. ICICI Securities, Kotak Mahindra Capital Company, JP Morgan India, IIFL Securities and Jefferies were the managers of the IPO.

KFin provides investor and issuer solutions that include  GST compliance assistance, customer onboarding with integrated KYC, unit allocation and redemption, reporting and compliance checks.

As of September 30, KFin was India’s largest investor solutions provider to mutual funds based on the number of clients serviced.

The company provides services to 24 out of 41 asset management companies (AMCs) in India, as on September 30, 2022, representing 59 per cent of the market share. The company is also one of the three operating central record-keeping agencies (“CRAs”) for the National Pension System (“NPS”).