Indian non-banking financial company Muthoot FinCorp has filed for an initial public offering in Mumbai to raise 30 billion rupees ($314.59 million), according to a draft prospectus dated Wednesday.
The offering consists entirely of a fresh issue of shares, according to the draft filing. The company may undertake a pre-IPO placement of up to 6 billion rupees, which would reduce the size of the fresh issue.
Up to 50% of the net issue will be reserved for qualified institutional buyers, at least 15% for high-net-worth individuals and at least 35% for retail investors.
The company intends to channel the IPO proceeds toward strengthening its Tier I capital base to meet future lending needs, while also fueling business growth and digital platform expansion, with a smaller share earmarked for issue-related expenses.
Muthoot FinCorp, the flagship financial services arm of Muthoot Pappachan Group, is primarily engaged in gold loans but also offers loans for business, housing, supply chain financing, loans against property, among others.
India’s IPO market has picked up after a slower 2025, drawing a diverse mix of issuers, from auto-parts manufacturer Dhoot Transmission to logistics firm Shiprocket and dairy player Milky Mist, even as investors remain selective on valuations and business fundamentals.
Muthoot FinCorp, which operates more than 3,800 branches across India, reported a more than three-fold jump in net profit and a 31.8% increase in total revenue from operations for the year ended March 31.
Kotak Mahindra Capital, Morgan Stanley India, JM Financial and SBI Capital Markets are book-running lead managers for the IPO.
Reuters
