IFCI Factors files draft prospectus for IPO

NEW DELHI: IFCI Factors on Thursday filed draft prospectus with market regulator Sebi for an initial share sale which could garner about Rs 1,000 crore.

"IFCI Factors has filed a Draft Red Herring Prospectus (DRHP) with SEBI for an initial public offering (IPO) on July 28, 2011," the company said in a statement.

IFCI Factors, an arm of leading financial institution IFCI, is expecting to mop up between Rs 750 crore and Rs 1,000 crore through the offering, according to market sources.

The issue comprises of 39,086,628 equity shares of Rs 10 each for cash at price to be discovered through a book building process. The issue will constitute 33 per cent of the post issue paid up share capital of the company.

Enam Securities is the sole book running lead manager to the issue.

The equity shares offered in the issue are proposed to be listed on the National Stock Exchange and the Bombay Stock Exchange.