IFMR group in talks to appoint investment banks for share sale

MUMBAI: IFMR group, which provides financial services to lower income population and the companies serving this segment, plans to go public and is in talks to appoint investment banks for the same, two people aware of the development said.

The IFMR group was set up in 2007 by former ICICI Bank executives Bindu Ananth and Nachiket Mor. The group runs businesses, including IFMR Rural Channels, a rural wealth management network; IFMR Capital, which offers financial institutions access to debt markets; IFMR Investment Managers, an asset management firm; and IFMR Rural Finance, a fintech platform.

“IFMR is in talks with investment banks for an IPO of the holding company of the group. They are in advanced talks with banks and are expected to soon appoint a banker syndicate to manage the IPO,” said one of the people cited above, requesting anonymity. IFMR Holdings is the holding company of the group. The group is expected to raise around ₹1,000 crore, this person said.

IFMR declined to the comment on the development.

IFMR joins a long list of financial services companies going public this year. On January 5, Mint reported that microlender Kedaara Capital is planning to launch its IPO in 2018. Earlier on January 1, Bandhan Bank Ltd filed its draft IPO papers with the regulators. The bank plans to launch its public offering by March or April, Mint reported.