Manappuram Finance's subsidiary Asirvad Micro Finance files draft red herring prospectus for IPO

Manappuram Finance Limited's subsidiary, Asirvad Micro Finance Limited (AMFL), has taken a significant step towards going public by filing a draft red herring prospectus (DRHP) with regulatory authorities. 

AMFL has submitted a DRHP dated October 5, 2023, with the Securities and Exchange Board of India (SEBI), BSE Limited, and National Stock Exchange of India Limited (NSE) for its proposed initial public offering (IPO) of equity shares. The IPO is set to include a fresh issue of equity shares with a face value of ₹10 each. The fresh issue will amount to up to ₹1500 crore.

This move signifies AMFL's intent to access the capital markets and raise funds for its growth and expansion plans. As the IPO process progresses, it will provide investors with an opportunity to participate in the growth journey of AMFL, a microfinance institution that has been operating with a focus on financial inclusion and empowerment.