Muthoot Microfin Share Price Update:
Muthoot Microfin Share Price 266.15 as of Dec 26 2023.
Muthoot Microfin’s ₹960 crore initial public offering (IPO) faced a lackluster debut on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Regarding the Muthoot Microfinance IPO listing, the microfinance subsidiary of the Muthoot Pappachan group witnessed a subscription of 11.52 times on the closing day of the bidding. In an official notice, the BSE announced that the equity shares of Muthoot Microfin Limited would be listed and admitted to dealings on the Exchange in the ‘B’ Group of Securities starting December 26, 2023.
During the IPO, Muthoot Microfin garnered significant interest, with bids reaching 28,09,80,216 shares against the 2,43,87,447 shares on offer, as per NSE data. The Qualified Institutional Buyers (QIBs) category was subscribed 17.47 times, while non-institutional investors subscribed 13.20 times. Retail Individual Investors (RIIs) also showed enthusiasm, subscribing 7.61 times.
The IPO featured a fresh issue of up to ₹760 crore and an Offer for Sale of ₹200 crore, with the offer price set in the range of ₹277-291 per share. Muthoot Microfin, affiliated with Muthoot Fincorp, successfully raised ₹284.99 crore from anchor investors. As the third-largest player in the gold loan sector and the flagship firm of Muthoot Pappachan group, Muthoot Microfin plans to utilize the proceeds from the fresh issue to enhance its capital base for meeting future capital requirements.
About Muthoot Microfin
Muthoot Microfin Limited (MML) stands as an integral part of the Muthoot Pappachan Group (MPG), a distinguished business conglomerate with a widespread presence across various sectors. As a leading microfinance institution, Muthoot Microfin Limited is dedicated to extending micro loans, primarily targeting women customers in rural areas of India. Embracing the joint liability group (JLG) model, the company organizes clients into groups comprising four to ten women from economically vulnerable sections, residing in rural and semi-urban areas or urban slums. Focused on fostering entrepreneurship among women and contributing to inclusive growth, the microfinance operations aim to provide financial support through specialized micro loans, including income-generating loans for women involved in small businesses.