IFMR group looks to appoint investment banks for share sale
IFMR group, which provides financial services to lower income population and the companies serving this segment, plans to go public and is in talks to hire investment banks for the same, two people aware of the development said.
The IFMR group was set up in 2007 by former ICICI Bank executives Bindu Ananth and Nachiket Mor. The group runs various businesses, including IFMR Rural Channels, a rural wealth management network that offers a range of financial products and services to individuals and small enterprises; IFMR Capital, which offers financial inclusion-focused financial institutions with access to debt capital markets; IFMR Investment Managers, an asset management firm; and IFMR Rural Finance, a fintech platform.
“IFMR is in talks with investment banks for an initial public offering of the holding company of the group. They are in advanced talks with banks and are expected to soon appoint a banker syndicate to manage the IPO,” said one of the people cited above, requesting anonymity as he is not authorized to speak with the media. IFMR Holdings is the holding company of the group.
Photo courtesy of Simone McCourtie.