Ananya Birla-led Svatantra Microfin has filed preliminary papers with the Securities and Exchange Board of India (SEBI) to raise Rs 3,000 crore through an initial public offering (IPO). The proposed issue will comprise a fresh share sale of Rs 1,500 crore and an offer for sale worth Rs 1,500 crore by existing investors Multiples Private Equity Funds and Violicina Limited.
The microfinance lender may also raise up to Rs 300 crore through a pre-IPO placement. If completed, the pre-IPO proceeds will be included in the fresh issue, reducing its size correspondingly.
IPO proceeds to strengthen capital base
Svatantra Microfin plans to use proceeds from the fresh issue to strengthen its Tier-I capital and meet future capital requirements, including financing business expansion and onward lending.
Ananya Birla and Antimatter Media together own 59.97% of the company. Violicina holds 28.02%, while Multiples Alternate Asset Management owns 11.45% through three investment schemes. Birla serves as chairperson and non-executive director.
The company was the first institution to receive the NBFC-MFI licence introduced by the Reserve Bank of India in 2011. Its microfinance assets under management increased from Rs 14,438 crore in March 2024 to Rs 21,093 crore in March 2026, representing a 21% compound annual growth rate.
Svatantra expands nationwide footprint
As of March 2026, Svatantra Microfin was the largest NBFC-MFI in Bihar and Uttar Pradesh by microfinance AUM. Its gross Stage-3 ratio improved to 1.19% in FY26 from 2.24% in FY25.
The company's merger with Chaitanya India Fin Credit, effective March 21, 2026, further strengthened its presence in southern India. Svatantra had 2,123 branches across 20 states and 394 districts, with 24,594 employees, including 15,575 field officers. Its microfinance operations served 42.66 lakh active borrowers.
The IPO's book-running lead managers are Axis Capital, Avendus Capital, IIFL Capital Services, Kotak Mahindra Capital Company and SBI Capital Markets.
