Spandana Sphoorty MFI to launch initial public offering on August 5

Hyderabad-based NBFC micro finance (MFI) company Spandana Sphoorty Financial Limited proposes to launch its initial public offering (IPO) of equity shares on August 5, 2019. The offer includes a fresh issue of up to Rs 400 crore and offer for sale of 9.36 million shares worth about Rs 800 crore by its investor shareholders.

The company proposes to utilise the net proceeds from the fresh issue towards augmenting its capital base to meet future capital requirements and other corporate purposes. The offer comes with a price band of Rs 853 to Rs 856 per equity share.

Spandana is the second Hyderabad-based micro