Muthoot FinCorp wants to raise ₹2,800cr via IPO in India
What's the story
Muthoot FinCorp, a leading player in the gold loan sector, is gearing up for an initial public offering (IPO) worth nearly ₹2,800 crore. The company is said to be in talks with bankers for the same. The proposed IPO will be a mix of new and existing shares. However, this comes at a time when the stock market has been on a downward trend this month, affecting sentiment for new offerings.
Market conditions
Ongoing discussions for potential offering
Despite the current market conditions, Muthoot FinCorp is moving ahead with its IPO plans. The company is said to be in talks with bankers for the offering, which could take place later this year. However, it's worth noting that such discussions are still ongoing and the terms of the potential offering could change.
Company profile
A look at the company background
Founded in 1997, Muthoot FinCorp is a non-deposit-taking financial company that mainly lends against gold jewelry. The company has also diversified into secured as well as unsecured lending to micro, small, and medium enterprises (MSMEs) in India. It employs over 23,000 people and runs more than 3,700 branches across the country.