The IPO is entirely an offer for sale (OFS) of up to Rs 2,400 crore worth of equity shares by General Atlantic Singapore Fund Pte. Ltd. KFin Technologies is majority owned by funds managed by General Atlantic, a leading global private equity investor, which holds a stake of 74.94 per cent. Kotak Mahindra Bank acquired a 9.98 per cent stake in KFin Technologies in 2021.
ETMarkets had first reported in December last year about KFin’s IPO plans.
KFin provides services to asset managers and corporate issuers across asset classes in India and also provides solutions including transaction originating and processing for mutual funds and private retirement schemes in Malaysia, Philippines and Hong Kong.
KFin Technologies is India’s largest investor solutions provider to Indian mutual funds, based on the number of AMC clients serviced as on January 31, 2022. The firm provides services to 25 out of 42 AMCs in India representing 60 per cent of market share based on the number of AMC clients. The firm has also signed two new AMCs that are yet to launch operations.
The firm claims to be the only investor and issuer solutions provider in India offering services to asset managers such as mutual funds, alternative investment funds (AIFs), wealth managers and pension as well as corporate issuers in India, besides overseas clients in South East Asia and Hong Kong.
KFin said it serves 270 funds of 157 asset managers in India, representing 32 per cent market share based on the number of AIFs being serviced. Kfin is one of the two operating central record keeping agencies (CRA) for the National Pension System (NPS). The firm also has 16 AMC clients in Malaysia out of 60 in addition to three clients in Philippines and Hong Kong.
For the nine month ended December, KFin clocked revenues from operations of Rs 458 crore and a net profit of Rs 97.6 crore, representing a year on year growth of 35 per cent and 313 per cent respectively.
The Book Running Lead Managers to the offer are ICICI Securities, Kotak Mahindra Capital Company, JP Morgan India, IIFL Securities and Jefferies India.
