TPG-backed SK Finance set to launch Rs 1,600 crore IPO next week: Report
Ltd., the
Indian financing company
backed by
TPG
Inc., is likely to begin taking investor orders its
initial public offering
by as early as next week after reducing the size of the deal, according to people familiar with the matter.
The IPO could fetch about 16 billion rupees ($182 million), down from an earlier planned 22 billion rupees, the people said, asking not to be identified as the information is private. Deliberations are ongoing, and details could still change, they said.
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Representatives for SK Finance, which isn't affiliated with South Korea's SK Group, didn't respond to requests for comments.
The company filed its draft IPO prospectus in May last year and, in August 2024, received regulatory approval, which is valid for 12 months.
Based on that filing, the offering would involve new shares valued at as much as to 5 billion rupees and as much as 17 billion rupees of existing shares sold by shareholders, including TPG and Norwest Venture Partners. The company plans to use the proceeds for future business needs such as lending and general corporate purposes.
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Kotak Mahindra Capital Co., Jefferies Financial Group Inc., Motilal Oswal Investment Advisors, and Nomura Holdings Inc. are acting as book-running lead managers for the deal.
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