KFin Technologies IPO price band fixed at Rs 347-366; issue to open on December 19. Key details

KFin Technologies has fixed the price band for its upcoming Rs 1,500 crore IPO at Rs 347-366 per share. The issue would open on December 19 and would comprise of an offer for sale (OFS) of 4,09,83,607 shares by General Atlantic Singapore Fund. The offer would conclude on December 21. Retail investors can bid for a minimum one lot of 40 shares worth Rs 14,640. Small HNIs can bid for a minimum of 560 shares worth Rs 2,04,960 while big HNIs can bid for a minimum of 2,760 shares worth Rs 10,10,160.

A total of 75 per cent of the quota is reserved for qualified institutional buyers (QIBs), 15 per cent is reserved for HNIs while 10 per cent is reserved for retail investors. At the upper end of the price band, the company would command a market capitalisation of Rs 6133 crore upon listing. The promoter holding in the company would fall to 71.74 per cent from 74.37 per cent post listing.               

The basis of allotment would be finalised by December 26, initiation of refunds are likely by December 27, credit of equity shares are expected by December 28 and its listing is likely by December 29.

KFin Technologies is India’s largest investor solutions provider to Indian mutual funds, based on number of AMC clients serviced as on September 30. It is providing services to 24 out of 41 AMCs in India, as on September 30, representing 59 per cent of market share based on the number of AMC clients. In addition, it signed on two new AMCs that were yet to launch operations as on September 30.

Within investor solutions for Indian mutual funds, the company has grown market share of overall AAUM managed by its clients and serviced by it from 25 per cent in FY20 to 32 per cent at the end of September quarter. Its market share of equity AAUM managed by clients and serviced by it increased from 29 per cent in FY20 to 35 per cent in September quarter.

KFin Technologies is the only investor and issuer solutions provider in India that offers services to asset managers such as mutual funds, AIFs, wealth managers and pension as well as corporate issuers in India, besides servicing overseas clients in South East Asia and Hong Kong as on September 30.

Overall, it is servicing 301 funds of 192 asset managers in India as on September 30, representing 30 per cent market share based on number of AIFs being serviced. KFin Technologies is one of the three operating CRAs for the NPS in India as on September 30, 2022.

As on September 30, out of the 60 AMCs in Malaysia across wholesale funds, unit trust funds and private retirement schemes as specified in the CRISIL report, it was servicing 18 AMC clients,  in addition to three clients in Philippines and Hong Kong as on September 30, 2022.

KFin Technologies is also the largest issuer solutions provider in India based on number of clients serviced, as on September 30, 2022. It is one of only two players of scale in India’s issuer solutions space where we hold a 46 per cent market share based on the market capitalization of NSE 500 companies and a 37 per cent market share based on number of clients serviced within NSE 500 companies, each as on September 30.

KFin Technologies' account for 67.7 per cent of its revenues against CAMS' 90.2 per cent.

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