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IPO · Financial Services

Social Worth Technologies files for initial public offering

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Date
Company
Social Worth Technologies Ltd
What it does
Digital personal lending platform
Kind
IPO
Amount
Rs.750 Cr
Stage
public
Based in
Mumbai
Sector
Financial Services

What they do

Social Worth Technologies operates the Fibe brand, which provides digital personal loans to customers across India

What happened

The company filed for an IPO (initial public offering; first-time sale of shares to the public) worth Rs.750 crore

Why it matters

Existing investors including Rise Fund and Norwest Capital will sell over 40 million shares during the public issue

The details

  • Social Worth Technologies has filed for an IPO to raise up to Rs.750 crore through a fresh issue of shares.
  • The offering includes an offer for sale (existing shareholders selling their stakes) of up to 40,071,200 equity shares.
  • The company may also conduct a pre-IPO placement of up to Rs.150 crore before the main public issue.
  • The shares have a face value of Rs.5 each and will be listed on the NSE (National Stock Exchange).
  • The company plans to use the fresh capital to boost the capital base of its subsidiary, ESPL, for lending purposes.

The bigger picture

  • Proceeds from the fresh issue are intended to support the company's growth in the competitive digital lending market.

About the business

  • The company operates under the brand name Fibe to provide financial services to consumers.
  • It focuses on digital personal lending and operates out of its headquarters in Mumbai.
  • The business model relies on its subsidiary ESPL to manage its lending operations and capital requirements.

The deal

Type
ipo

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