Asirvad Microfinance, a subsidiary of Manappuram Finance, is reportedly making preparations to launch its IPO on the stock market. Sources suggest that the microfinance firm is planning to raise Rs 1500 crore through the IPO, with the funds earmarked for company growth.
Asirvad Microfinance Prepares for IPO to Raise Rs 1500 Crore
The lending institution, which started its journey in Tamil Nadu and was acquired by Manappuram Finance in February 2015, has an impressive presence across India with 1,684 branches in 391 districts across 22 states and 3 union territories.
Asirvad Microfinance AUM Stands at Rs 10,040.89 Crore with Net Profit of Rs 218.13 Crore
The company obtained an NBFC license from RBI on December 14, 2007, and its first lending operation began on January 21, 2008. Asirvad Microfinance’s AUM stood at Rs 10,040.89 crore as per its FY22-23 Annual Report, with a net profit of Rs 218.13 crore.
The IPO is expected to be a completely new issue of shares, and the company may file an application with SEBI in September.
