Kissht Raises INR 278 Cr from Anchor Investors Ahead of IPO

Digital lending platform Kissht has raised INR 278 crore (USD 30 million) from anchor investors ahead of its initial public offering (IPO), indicating strong institutional interest in the company. 

The anchor round was completed on April 29 at the upper price band of INR 171 per share, a day before the IPO opened for subscription.

Operated by OnEMI Technology Solutions, the company allotted 1.62 crore equity shares to 22 anchor investors as part of the round. A significant portion of the allocation went to domestic mutual funds, which received 57% of the shares, amounting to INR 158.32 crore across multiple schemes.

The list of anchor investors includes major domestic mutual funds such as HDFC Mutual Fund, ICICI Prudential, WhiteOak Capital, Bandhan, Quant Mutual Fund, Tata Banking & Financial Services, and Sundaram Mutual Fund. Global financial institutions such as Goldman Sachs, Citigroup, and BNP Paribas also participated in the round.

Kissht’s IPO is being managed by a group of investment banks including JM Financial, HSBC Securities, Nuvama Wealth, SBI Capital, and Centrum Capital, while KFin Technologies has been appointed as the registrar for the issue.

According to its red herring prospectus, the company has revised its IPO structure. The fresh issue size has been reduced to INR 850 crore from the earlier planned INR 1,000 crore. Additionally, the offer for sale has been cut to 4.4 million shares from 8.8 million shares, now estimated at around INR 76 crore.

Existing investors such as Vertex Ventures, Ammar Sdn Bhd, Endiya Seed Co-creation Fund, and AION Advisory will partially exit through the offer for sale. 

Founded in 2015, Kissht provides small-ticket consumer loans and has expanded through partnerships across sectors like electronics, fashion, and travel.