Hero FinCorp Receives Approval From SEBI To Float IPO Worth Rs 3,668 Crore
The proposed IPO is a combination of fresh issue of equity shares worth Rs 2,100 crore and an Offer For Sale (OFS) of Rs 1,568 crore by investor shareholders, according to the DRHP.
Hero FinCorp, the financial services division of two-wheeler manufacturer Hero MotoCorp, has received Sebi's go-ahead to float a Rs 3,668 crore Initial Public Offering (IPO), an update with the markets regulator showed on Wednesday.
The proposed IPO is a combination of fresh issue of equity shares worth Rs 2,100 crore and an Offer For Sale (OFS) of Rs 1,568 crore by investor shareholders, according to the Draft Red Herring Prospectus (DRHP).
Those selling shares in the OFS are -- AHVF II Holdings Singapore II Pte. Ltd, Apis Growth II (Hibiscus) Pte. Ltd, Link Investment Trust (through Vikas Srivastava) and Otter Ltd.
As per the update, Hero FinCorp, which filed its preliminary IPO papers with Sebi in August, obtained its observations on May 22.
In Sebi's parlance, obtaining observations means its go-ahead to launch the public issue.
Going by the draft papers, proceeds from the fresh issue will be used to increase the company's capital to meet future funding needs for lending activities.
Also read : India Set To Be Fourth Largest Economy, But What Does The GDP Per Capita Say? EXPLAINED
Hero FinCorp is an NBFC offering a diversified suite of financial products catered primarily to the retail, micro, small and medium enterprise (MSME) customer segments in India.
As of March 2024, the NBFC firm had assets under management (AUM) of Rs 51,821 crore, of which retail and MSME loan verticals contributed 65 per cent and 21 per cent, respectively. Since the company's inception in 1991, its customer base has grown to 1.18 crore as of March 2024.
JM Financial Ltd, BofA Securities India Ltd, HSBC Securities and Capital Markets (India) Private Ltd, ICICI Securities Ltd, Jefferies India Private Ltd and SBI Capital Markets Ltd are the book running lead managers of the proposed IPO. The equity shares of the company are proposed to be listed on the BSE and NSE.
(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)
Related Video
Union Budget 2025: Arvind Kejriwal lists the shortcomings of the Modi government's budget | ABP News | AAP
Top Headlines
