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Warburg Pincus-backed Fusion Microfinance files IPO papers

Economic Times  

Delhi-based microlender Fusion Microfinance, which is backed by global private equity major Warburg Pincus, has filed preliminary papers with markets regulator Sebi to raise funds through an initial share-sale. The IPO comprises fresh issuance of equity shares worth INR 600 crore and an offer of sale of 21,966,841 equity shares by promoters and existing shareholders. Those selling shares in the OFS are Devesh Sachdev, Honey Rose Investment Ltd, Creation Investments Fusion, LLC, Oikocredit Ecumenical Development Co-operative Society UA and Global Financial Inclusion Fund. The proceeds of the fresh issue will be used to augment the capital base of the microfinance firm. ICICI Securities, CLSA India, JM Financial and IIFL Securities have been appointed as merchant bankers for the IPO. Fusion Microfinance provides financial services to underserved women across India. As of March 2021, it had 2.12 million active borrowers who were served by 725 branches and 6,351 employees spread across 326 districts in 18 states and union territories. In December 2018, Warburg had invested INR 520 crore in the company.