Ananya Birla-backed Svatantra Microfin files DRHP for ₹3,000 crore IPO

Ananya Birla-backed non-banking financial company Svatantra Microfin has filed its IPO paper with the Securities and Exchange Board of India (Sebi) on August 13, proposing to raise up to ₹3,000 crore by listing its shares on the domestic bourses.

The IPO comprises a fresh issue of equity shares worth ₹1,500 crore and an offer for sale (OFS) of ₹1,500 crore. Under the OFS, Violicina, an investment vehicle controlled by global private equity firm Advent International, plans to offload shares worth ₹1,064.8 crore, while Multiples Alternate Asset Management, founded by Renuka Ramnath, will sell shares worth ₹435.2 crore.

Ananya Birla and her investment vehicle Antimatter Media together hold a 59.97% stake in Svatantra Microfin. Violicina owns 28.02% of the company, while Multiples Alternate Asset Management holds an 11.45% stake through three investment schemes.

As per the IPO document, the NBFC may consider raising up to ₹300 crore through a pre-IPO placement. Any such fundraise would form part of the fresh issue and, consequently, reduce the size of the fresh issue by the amount raised through the pre-IPO placement.

The company began its microfinance operations in Wada, Maharashtra, in March 2013, focusing on providing financial services to women from underserved communities. The company primarily follows the joint liability group (JLG) lending model, with each group typically comprising 5-30 members. Before loans are disbursed, new members undergo training covering financial discipline, savings and account management. Its lending portfolio is largely directed towards agriculture allied activities, small businesses, and the setting up or expansion of micro-enterprises.

As per Crisil report, Svatantra Microfin is the second-largest NBFC-MFI in India. Its assets under management (AUM) grew 41.5% year-on-year to ₹21,093 crore as of March 31, 2026, from ₹14,902 crore a year earlier. Including its housing finance subsidiary, Svatantra Micro Housing, consolidated AUM stood at ₹23,815 crore, compared with ₹17,170 crore in March 2025.

Asset quality also improved during the period. Collection efficiency rose to 98% in recent months from around 95% in the preceding quarters. Gross non-performing assets (GNPA) stood at 1.2% as of March 2026, down from 2.2% a year earlier, while net NPA declined to 0.3% from 0.4%.

The company has maintained a strong capital position through regular equity infusions from its promoters and institutional investors. Up to FY23, shareholders had infused more than ₹907 crore into Svatantra Microfin through Svatantra Holdings. In FY24, IGH Holdings infused another ₹1,100 crore to fund the acquisition of Chaitanya. Over the four years ended December 31, 2025, the promoter group infused around ₹1,425 crore into the company, the report noted.

The company subsequently brought in global and domestic private equity investors. Advent International and Multiples Private Equity invested ₹830 crore in FY25, while Svatantra raised another ₹500 crore through a rights issue in FY26.