Fusion Microfinance IPO: Check GMP ahead of shares listing next week


The Initial Public Offering (IPO) of Fusion Micro Finance was subscribed 2.95 times on Friday, the last day of subscription that concluded on November 4, 2022. The 1,104-crore IPO received bids for 6,30,36,040 shares against 2,13,75,525 shares on offer, as per data available with the NSE.

As per market observers, Fusion Microfinance shares are commanding a premium (GMP) of 7 in the grey market today. The finalisation of the share allotment of the issue has been done and now all eyes are on shares listing. The shares of the company are expected to list on stock exchanges BSE and NSE next week on Tuesday, November 15, 2022.

Fusion Microfinance IPO had a fresh issue of up to 600 crore and an offer for sale of up to 1,36,95,466 equity shares. It had a price range of 350-368 a share. On Tuesday, Fusion Micro Finance said it has raised a little over 331 crore from anchor investors. Net proceeds of the fresh issue will be used to augment the capital base of the microfinance firm.

The New Delhi-based microfinance company claims to provide financial services to underserved women across India in order to facilitate their access to greater economic opportunities. The company uses a joint liability group (JLG) model, developed by Grameen Bank in Bangladesh, to give loans of up to 50,000. It is one of the youngest companies in terms of getting an NBFC-MFI license and among the top NBFC-MFIs in India in terms of AUM as of June 30, 2022.

ICICI Securities, CLSA India, JM Financial and IIFL Securities were the merchant bankers to the issue. Link Intime India Private Ltd was the registrar to the initial share sale.

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