Those selling shares in the OFS are Devesh Sachdev, Honey Rose Investment Ltd, Creation Investments Fusion, LLC, Oikocredit Ecumenical Development Co-operative Society U.A and Global Financial Inclusion Fund.
Net proceeds of the fresh issue will be used to augment the capital base of the the microfinance firm.
The microfinance institution may consider a pre-IPO placement aggregating up to Rs 120 crore. If such placement is completed, the fresh issue size will be reduced.
The New Delhi-headquartered Fusion Microfinance is a microfinance company providing financial services to underserved women across India in order to facilitate their access to greater economic opportunities.
As of March 2021, it had 2.12 million active borrowers who were served by 725 branches and 6,351 employees spread across 326 districts in 18 states and union territories in India.
The company uses 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.
ICICI Securities, CLSA India,
and IIFL Securities have been appointed as merchant bankers to advise the company on the IPO.
Earlier this year, rival Arohan Financial Services had filed its draft prospectus to raise funds through an IPO.
