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The initial public offer of KFintech was subscribed 70% on the second day of subscription on Tuesday.

The initial share-sale received bids for 1,66,01,920 shares against 2,37,75,215 shares on offer, according to NSE data.

The category meant for Qualified Institutional Buyers (QIBs) was fully subscribed, while the portion for Retail Individual Investors (RIIs) received 74% subscription and non-institutional investors 3%.

The Rs 1,500-crore Initial Public Offer (IPO) has a price range of Rs 347-Rs 366 a share.

Financial services platform KFin Technologies has raised Rs 675 crore from anchor investors.

KFin Technologies is majority-owned by funds managed by private equity investor General Atlantic. Kotak Mahindra Bank Limited also owns a 9.98% stake in KFintech, which it acquired in 2021.

KFintech is an investor and issuer solutions provider, serving asset managers such as mutual funds, Alternative Investment Funds (AIFs), wealth managers, pension funds and corporate issuers, as well as international clients in Southeast Asia and Hong Kong.

It is the country’s largest investor solutions provider to Indian mutual funds based on the number of Asset Management Company (AMC) clients serviced as of September 2022.

ICICI Securities, Kotak Mahindra Capital Company, J P Morgan India, IIFL Securities, and Jefferies India are the managers of the offer.