Manappuram Finance files addendum to ₹1,500 crore Asirvad Micro Finance IPO

Non-banking finance company Manappuram Finance Ltd on Friday (February 16) said it has filed an addendum to the ₹1,500 crore initial public offer (IPO) of Asirvad Micro Finance with the Securities and Exchange Board of India (SEBI).

The company had filed DRHP (Draft Red Herring Prospectus) with SEBI for Asirvad Micro Finance's IPO on October 5, 2023. However, SEBI put the IPO on hold on January 10, 2024. The maiden public issue is completely a fresh issue of equity shares with no offer-for-sale (OFS) component. The company also planned to raise ₹300 crore in a pre-IPO round. If such placement is completed, the fresh issue size will be reduced. Going by the draft papers, proceeds from the issue will be used to augment the capital base of the company to meet future business requirements.