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Fusion Micro Finance IPO

Published by: Lucien Paulemil
June 10, 2022 1:08 am

Fusion Micro Finance was originally started as Ambience Fincap Private Limited in 1994. It received its certificate of registration from Reserve Bank of India (RBI) to act as a non-deposit accepting non-banking financial company (NBFC) in January 2003. In 2010, the company changed its name from Ambience Fincap Private Limited to Fusion Micro Finance Private Limited. Today, the company operates as an ‘NBFC – Microfinance Institution’ and creates opportunities for women in rural and semi-rural areas across India.

It creates opportunities for women at affordable costs, they offer their services through Microfinance in the form of Income Generation Loans, Top-up Loans, Emergency Loans, Cross-Sell Loans, Unsecured Business Loans, Secured Business Loans, Machinery loans, etc.

The company filed its Draft Red Herring Prospectus (DRHP) with Securities and Exchange Board of India (SEBI) in mid-August 2021 for over Rs.1900 crore (~$245 million) and the company got a nod of approval from SEBI on 22nd November 2021, but due to choppy market conditions, the company decided to push the IPO further. The IPO date is still uncertain, but is expected sometime later this year.

 The IPO consists of a fresh issue worth Rs.600 crore (~$78 million) and an offer for sale of up to 21,966,841 equity shares by the promoter and other existing shareholders. Pre-IPO, the promoters have a joint stake of 85.5% in the company, whereas the other selling shareholders have a 12.03% stake in the company. There is a possibility that Fusion Micro Finance may opt for a Rs.120 crore (~$16 million) pre-IPO placement. Out of Rs.600 crore, 35% will be allocated to retail investors, whereas 50% is reserved for QIB. 

The basis of Fusion Micro Finance IPO Allotment will be determined post the subscription process. The company will receive all the bids during the subscription period and later determine the exact price of the equity shares. After the allotment takes place, the company’s shares will be listed on the stock exchanges, i.e., National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

The Fusion Micro Finance IPO Price will be determined by the company and the selling shareholders in consultation with the Book Running Lead Managers (BRLMs) through the Book Building Process. The face value of the offered shares by Fusion Micro Finance is Rs.10 (~$0.13) each. 

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