Fusion Microfinance Limited files DRHP with SEBI.
Fusion Microfinance Limited (FML), which was founded with the core idea of creating opportunities at the bottom of the pyramid, and they do so by providing financial services to unserved and underserved women in rural and peri-rural areas across India, filed its DRHP with SEBI.
FML believes that their network and services have improved accessibility to formal credit at affordable prices, thereby positively impacting the lives of customers in rural India, and the Company is one of the youngest companies among the top 10 NBFC-MFIs in India in terms of AUM as of March 31, 2021 according to CRISIL.. In addition, they had the third fastest gross loan portfolio growth of 44% among the top NBFC-MFIs in India between the financial year 2018 and 2021 according to CRISIL.
The IPO Initial Public Offering (IPO) comprises of equity shares of face value of ₹10 each (“Equity Shares”) of Fusion Microfinance Limited, which comprises of a fresh issue aggregating up to ₹6,000 million (the “Fresh Issue”) and an offer for sale by Devesh Sachdev, Mini Sachdev, Honey Rose Investment Ltd, Creation Investments Fusion, LLC, Oikocredit Ecumenical Development Co-operative Society U.A., and Global Financial Inclusion Fund, (the “Selling Shareholders”), of up to 1,300,000 equity shares, up to 200,000 equity shares, up to 6,321,375 equity shares, up to 4,000,000 equity shares, up to 6,606,375 equity shares and up to 3,539,091 equity shares, respectively.
The Company may, in consultation with the BRLMs, consider a Pre-IPO placement for cash consideration aggregating up to ₹1,200 million (the “Pre-IPO placement”).
The Company proposes to utilize the Net Proceeds towards augmenting its capital base.
ICICI Securities Limited, CLSA India Private Limited, IIFL Securities Limited and JM Financial Limited are the book running lead managers.
The equity shares will be listed on BSE and NSE.