Muthoot Finance Ltd plans to raise at least Rs 800 crore ($178 million) from an initial public offering (IPO) in India, according to two people with direct knowledge of the matter.
The company will sell 51.5 million shares in an initial public offering, divesting a 13.9 per cent stake, according to a draft sale document filed with the regulator on Thursday.
The sale will be managed by ICICI Securities Ltd., Kotak Mahindra Capital Co. and HDFC Bank Ltd., according to the document.
Muthoot, based in Kochi, Kerala, is a financing company that provides business and personal loans secured by gold jewelry. Chairman MG George Muthoot couldn't immediately be reached for comment at the corporate office.