Svatantra Microfin files draft papers for Rs 3,000 crore IPO

Svatantra Microfin, India's second-largest microfinance company by gross portfolio, has sought permission for an IPO worth ₹3,000 crore.

Set up by Ananya Birla, daughter of billionaire businessman Kumar Mangalam Birla, the company has proposed a fresh issue of shares to raise ₹1,500 crore and an offer for sale (OFS) of another ₹1,500 crore by existing investors, according to a draft prospectus filed with Sebi.

Existing investors Advent International and Multiples will look to pare about 70% of their holdings in Svatantra through the OFS. Advent-affiliated entity Violicina holds a 28% stake in the microfinance lender, while Multiples holds 11.45% through three private equity funds, according to the prospectus.


Ananya Birla, the chairperson and non-executive director, has a direct 26.48% holding, while her firm, Antimatter Media, holds an additional 33.49% in the microfinance lender.

The draft red herring prospectus filed on Thursday makes Svatantra the second non-banking financial company-microfinance institution (NBFC-MFI) after Arohan Financial Services to propose an IPO this year. Only five NBFC-MFIs are currently publicly listed.

Svatantra said the proceeds from the fresh issue would be used to augment its tier-1 capital base to meet future capital requirements and finance business growth.

Its assets under management (AUM) stood at ₹21,093 crore as of March 31, 2026, second only to CreditAccess Grameen's portfolio of ₹30,319 crore.

The lender's market share in total AUM grew to 6.37% at the end of March from 3.26% two years earlier, helped by the merger of Chaitanya India Fin Credit into Svatantra, effective March 21, 2026.