Sebi withholds Asirvad Micro Finance’s IPO

New Delhi: Capital markets regulator Sebi has kept in abeyance the proposed Rs 1,500 crore Initial Public Offering (IPO) of Asirvad Micro Finance, a subsidiary of listed NBFC Manappuram Finance.

However, the Securities and Exchange Board of India (Sebi) did not clarify further. Reacting to the development, shares of Manappuram Finance plunged as much as 7.45 per cent to a low of Rs 163.40 apiece on the BSE on Wednesday. Asirvad Micro Finance had filed preliminary papers with Sebi in October 2023 to garner Rs 1,500 crore through an IPO.

As per the draft red herring prospectus (DRHP), the public issue was purely a fresh issue of equity shares with no offer for sale (OFS) component.