Muthoot Microfin IPO day 1: Issue booked 83%, retail portion booked 1.38 times

Muthoot Microfin, the microfinance subsidiary of the Muthoot Pappachan group, got subscribed 82 per cent on the first day of its 960 crore initial public offering. The total bids amounted to 2,00,28,108 shares against the 2,43,87,447 shares offered, according to National Stock Exchange data.

IPO.(Representative Photo)
IPO.(Representative Photo)

The quota for Retail Individual Investors (RIIs) was subscribed 1.37 times, while non-institutional investors subscribed to 60 per cent of their allocated portion.

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Muthoot Microfin is promoted by Muthoot Fincorp, which is the third-largest gold loan player and the flagship firm of Muthoot Pappachan group.

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The IPO offers shares in the price range of 277-291 each.

The company plans to raise 960 crore through the IPO. Of this amount, up to 760 crore will be for a fresh issue of shares, while the remaining 200 crore constitutes an offer for sale (OFS) of equity shares with a face value of 10 each.

Promoters, including Thomas John Muthoot (up to 16.36 crore), Thomas Muthoot (up to 16.38 crore), Thomas George Muthoot (up to 16.36 crore), Preeti John Muthoot (up to 33.74 crore), Remmy Thomas (up to 33.3 crore), and Nina George (up to 33.76 crore), will be part of the offer for sale.

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The company secured 284.99 crore from anchor investors, including Muthoot Finance, WCM International Smallcap Fund, ICICI Prudential Life, and HDFC Life.

The IPO subscription is open from December 18 to December 20, with share allotment expected to be finalised on December 21. Refunds and crediting to allottees’ demat accounts are scheduled for December 22. The share is anticipated to be listed on the stock exchanges on December 26.

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