KFin Technologies makes flat D-Street debut at Rs 369

KFin Technologies provides services and solutions to asset managers and corporate issuers has raised Rs 1,500 crore via public issue which was entirely an offer for sale by promoter General Atlantic Singapore Fund Pte Ltd.

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Financial services platform KFin Technologies failed to make investors’ happy on its debut as shares opened at par with its the issue price on December 29.

The listing largely met analysts’ expectations, given the lower-than-expected IPO subscription numbers, a complete offer-for-sale issue, and the recent spate of correction in the equity market.

The stock opened at Rs 367 as against an issue price of Rs 366 on the NSE, and the opening price on the BSE was Rs 369, higher by 0.82 percent.

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Analysts were expecting KFin to list at par or with moderate discount to issue price. The public issue of technology-driven financial services platform had received tepid response from investors during December 19-21, subscribing 2.59 times largely supported by qualified institutional buyers.

The company that provides services and solutions to asset managers and corporate issuers has raised Rs 1,500 crore from the public issue which was entirely an offer-for-sale by promoter General Atlantic Singapore Fund Pte Ltd.

The price band for the offer was set at Rs 347-366 per share.

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KFin also provides several investor solutions, including transaction origination and processing for mutual funds and private retirement schemes in Malaysia, the Philippines and Hong Kong.

The company had a good performance with an asset-light business model, recording a profit at Rs 148.5 crore for 2021-22 against a loss of Rs 64.5 crore a year before. Revenue from operations in the same period increased by 33 percent to Rs 639.5 crore.

Its profit for the six months ended September FY23 grew by 26 percent to Rs 85.3 crore, and revenue jumped 20 percent to Rs 348.7 crore over last year.

This is the sixth listing in the last month of this calendar year. Four out of the last five listings disappointed investors. Abans Holdings was locked in at the 20 percent lower circuit on the listing day, while Landmark Cars, Sula Vineyards, and Uniparts India closed with 6-9 percent losses on debut, but Dharmaj Crop Guard delivered 12 percent gains.