Manappuram Finance dips as SEBI delays Asirvad Microfinance IPO

January 10, 2024
1 min read

TLDR: Manappuram Finance stock sheds over 7% as SEBI puts arm Asirvad Microfinance’s IPO in abeyance

Shares of Manappuram Finance dropped more than 7% after the Securities and Exchange Board of India (SEBI) halted the initial public offering (IPO) of its subsidiary, Asirvad Microfinance. Asirvad Microfinance, which is a non-banking finance company (NBFC), filed a Draft Red Herring Prospectus (DHRP) with SEBI in October. The proposed IPO aimed to raise up to INR 1,500 crore ($200 million) through the issuance of equity shares. Manappuram Finance, a gold loan NBFC, took over Asirvad Microfinance in 2015. In the September quarter of 2023, Manappuram Finance reported a consolidated net profit of INR 560.65 crore, an increase of 37% compared to the same period the previous year.

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