Fusion Micro Finance IPO: Subscription opens today; check price band, allotment date and listing date

Fusion Micro Finance IPO Date, Price Band, Share Allotment Date, Listing Date: Fusion Micro Finance initial public offering (IPO) will open on Wednesday, November 2, for subscriptions. Fusion Microfinance is a microfinance company based in New Delhi. It has fixed a price band of Rs 350-368 a share for its Rs 1,104 crore IPO.

The IPO comprises fresh issuance of equity shares worth Rs 600 crore and an offer of sale of 1,36,95,466 equity shares by promoters and existing shareholders. The face value of each share would be Rs 10.

Those selling shares in the OFS are -- Devesh Sachdev, Mini Sachdev, Honey Rose Investment Ltd, Creation Investments Fusion, LLC, Oikocredit Ecumenical Development Co-operative Society UA and Global Financial Inclusion Fund.

Half of the issue size has been reserved for qualified institutional investors, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
Investors can bid for a minimum of 40 shares and in multiples thereof.

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Fusion Micro Finance IPO Allotment Date

Fusion Micro Finance IPO allotment date is November 10. Fusion Micro Finance shares will be credited into the Demat accounts of successful bidders on November 14.

Fusion Micro Finance IPO Listing Date

Fusion Micro Finance IPO will list on both the leading exchanges BSE and NSE. Fusion Micro Finance IPO listing date is November 15.

Ahead of IPO, Fusion Micro Finance said that it has raised a little over Rs 331 crore from anchor investors. The company has decided to allot 89,99,943 equity shares to anchor investors at Rs 368 apiece, aggregating the transaction size to Rs 331.2 crore, according to a circular uploaded on the BSE's website.

Nomura, BNP Paribas Arbitrage, Aditya Birla Sun Life Mutual Fund, ICICI Prudential Mutual Fund, Edelweiss Mutual Fund, Motilal Oswal Mutual Fund, HDFC Life Insurance Company, Bajaj Allianz Life Insurance Company and Kotak Mahindra Life Insurance Company are among the anchor investors, it added.

Net proceeds of the fresh issue will be used to augment the capital base of the microfinance firm.

The New Delhi-based microfinance company provides financial services to underserved women across India in order to facilitate their access to greater economic opportunities.

The company uses a joint liability group (JLG) model, developed by Grameen Bank in Bangladesh, to give loans of up to Rs 50,000. In December 2018, Warburg had invested Rs 520 crore in the company which achieved a 45 per cent growth in assets under management in 2018-19 financial year and had an outstanding portfolio of Rs 3,350 crore as of December 2019.