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Spandana Spoorty IPO To Open On 5 August

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Microlender Spandana Spoorty Financial Limited will launch its IPO (Initial Public Offering) on 5 August to raise Rs 1,200 crore. Shares will be offered in the price range of Rs 853-856 apiece and is expected to give the company a valuation of Rs 5,500 crore on the higher end price band. The issue closes on 7 August.

Spandana Spoorty IPO To Open On 5 August
 

The IPO comprises of 93 lakh shares to be offered by early investors and Padmaja Ganjireddy for Rs 800 crore and a fresh share sale of Rs 400 crore.

Currently, the largest shareholders in Spandana Spoorty are Kangchenjunga Limited which holds 59.14 percent stake, followed by Padmaja Ganjireddy at 19.57 percent.

The IPO proceeds will be used to expand the company's business and increase its capital base.

Axis Capital, ICICI Securities, IIFL Securities, JM Financial, IndusInd Bank and Yes Securities India are book running lead managers to the IPO.

The microlender provides business loans, income-generation loans and loans against gold jewellery. It primarily serves women from low-income households in rural areas of the country.

Spandana Spoorty operates 929 branches in about 269 districts mainly in Madhya Pradesh, Karnataka, Odisha, Maharashtra and Chhattisgarh. It plans to expand its presence in other states as per the draft red herring prospectus.

Read more about: ipo
Story first published: Thursday, August 1, 2019, 16:03 [IST]
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