Social Worth Technologies gets SEBI`s nod to raise funds via IPO
Social Worth Technologies, which operates under the brand name Fibe, has received the Securities and Exchange Board of India’s (SEBI) approval to raise funds through initial public offering (IPO), comprising a fresh issue of shares worth Rs 750 crore. The IPO also includes an Offer-for-Sale (OFS) of over 4 crore equity shares by existing shareholders.
Proceeds from the fresh issue will be used to invest in its subsidiary, ESPL, for augmenting its capital base to support onward lending requirements, besides meeting general corporate purposes. Kotak Mahindra Capital Company, Axis Capital, DAM Capital Advisors and JM Financial are the book-running lead managers to the issue.
The company, incorporated in 2015 as Social Worth Technologies, operates under the Fibe brand and offers digital credit products across personal loans and purpose-driven financing, catering to consumption, education, insurance and healthcare needs.
