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SBFC Finance secures pre-IPO funding of ₹150 cr from Amansa
The revised plan involves Arpwood and its affiliates selling shares worth ₹300 crore while Clermont through SBFC Holdings would offload shares totalling ₹150 crore.
Homegrown private equity firm Arpwood-backed SBFC Finance, a non-bank lender, has raised ₹150 crore from Singapore-based Amansa Capital through a pre-IPO (initial public offering) placement.
The board of SBFC allotted 27.27 million equity shares to Amansa, it said in a BSE filing on Wednesday.
The shares were allotted at ₹55 apiece, a person aware of the matter said.
SBFC had applied for a public listing in November last year. It refiled its draft prospectus in March this year, cutting the IPO size to ₹1,200 crore from ₹1,600 crore previously.
The IPO initially included an offer-for-sale of ₹850 crore by promoters SBFC Holdings, Arpwood Partners, Arpwood Capital, and Eight45 Services, which was trimmed to ₹450 crore in the new filing.
The revised plan involves Arpwood and its affiliates selling shares worth ₹300 crore while Clermont through SBFC Holdings would offload shares totalling ₹150 crore.
Earlier, Arpwood had planned to sell shares worth ₹575 crore while Clermont aimed to sell shares totalling ₹275 crore.
The size of the fresh issue has, however, been kept unchanged at ₹750 crore, according to the filing with the market regulator Securities and Exchange Board of India (Sebi).
SFBC had earlier said it may consider issuing equity shares on a private placement basis, aggregating up to ₹150 crore, before the IPO, in which case it will reduce the size of the primary issue.
Amansa Capital and a few other investors also participated in secondary deals, the person cited above said. SBFC declined to share details on the secondary transactions.
The Mumbai-based non-bank lender provides loans to entrepreneurs, small business owners, self-employed individuals, salaried and working-class individuals. It reported a growth of 39% in operating revenue at ₹733 crore in the financial year 2023. It reported a profit of ₹150 crore in FY23, up from ₹65 crore in the year before.
When it first filed its draft prospectus, SBFC was targeting a valuation of at least ₹5,400 crore, based on the last known share transactions in September 2022. However, it isn’t clear if it has also moderated its valuation expectations.
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First Published:24 May 2023, 10:30 PM IST
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