KFin Technologies Limited IPO Message Board (Page 7)

Anchor list is very interesting some highly good names and also some unknown funds
But still ok

Good portfolio stock in my view.Growth would be phenomenal as mutual funds industry has just picked up in India and would contniue to rise.whether to apply ipo or buy after listing depends on one's risk appetite.I may buy post listing.

Anchor book supposed to be for 1500 Crore, but 675 Crore only collected. Why ?

IPO Size 1500 Cr ka hai bhai

Good Anchors
Sr. No.      Name of Investor      No. of Shares Allocated      % of Anchor Portion      Total Amount Allocated (Rs.)
1      Ashoka India Equity Investment Trust Plc      2,73,240      1.48%      10,00,05,840.00
2      Ashoka India Opportunities Fund      10,92,880      5.93%      39,99,94,080.00
3      Iifl India Private Equity Fund - Series 1A      10,92,896      5.93%      39,99,99,936.00
4      Iifl Special Opportunities Fund - Series 9      2,73,224      1.48%      9,99,99,984.00
5      Goldman Sachs Funds - Goldman Sachs India Equity Portfolio      13,66,120      7.41%      49,99,99,920.00
6      Nippon Life India Trustee Ltd- A/C Nippon India Banking & Financial Services Fund      13,66,120      7.41%      49,99,99,920.00
7      Axis Mutual Fund Trustee Ltd A/C Axis Mutual Fund A/C Axis Flexi Cap Fund      4,55,360      2.47%      16,66,61,760.00
8      Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Equity Hybrid Fund      4,55,360      2.47%      16,66,61,760.00
9      Axis Mutual Fund Trustee Ltd. A/C Axis Mutual Fund A/C Axis Balanced Advantage Fund      4,55,400      2.47%      16,66,76,400.00
10      Mirae Asset Midcap Fund Miraeamf      8,06,000      4.37%      29,49,96,000.00
11      Mirae Asset Banking And Financial Services Fund      4,10,000      2.22%      15,00,60,000.00
12      Mirae Asset Equity Savings Fund      54,520      0.30%      1,99,54,320.00
13      Mirae Asset Balanced Advantage Fund      95,600      0.52%      3,49,89,600.00
14      Icici Prudential Life Insurance Company Limited      9,56,280      5.19%      34,99,98,480.00
15      Nuvama Private Investments Trust - Nuvama Crossover Opportunities Fund - Series Iii      3,97,181      2.15%      14,53,68,246.00
16      Nuvama Private Investments Trust - Nuvama Crossover Opportunities Fund - Series Iii A .      2,99,536      1.62%      10,96,30,176.00
17      Nuvama Private Investments Trust - Nuvama Crossover Opportunities Fund - Series Iii B .      2,59,563      1.41%      9,50,00,058.00
18      Sixteenth Street Asian Gems Fund      9,56,280      5.19%      34,99,98,480.00
19      Carmignac Portfolio      5,46,400      2.96%      19,99,82,400.00
20      Fp Carmignac Emerging Discovery      1,36,640      0.74%      5,00,10,240.00
21      Edelweiss Trusteeship Co Ltd Ac- Edelweiss Mf Ac-Edelweiss Balanced Advantage Fund      3,27,880      1.78%      12,00,04,080.00
22      Edelweiss Trusteeship Co Ltd Ac - Edelweiss Mf Ac- Edelweiss Recently Listed Ipo Fund      3,55,160      1.93%      12,99,88,560.00
23      Aberdeen Standard Sicav I - Asian Smaller Companies Fund      5,46,440      2.96%      19,99,97,040.00
24      Uti - Banking And Financial Services Fund      2,73,200      1.48%      9,99,91,200.00
25      Uti Small Cap Fund .      2,73,200      1.48%      9,99,91,200.00
26      Canara Robeco Mutual Fund A/C Canara Robeco Small Cap Fund      5,46,440      2.96%      19,99,97,040.00
27      Motilal Oswal Focused 25 Fund      2,73,440      1.48%      10,00,79,040.00
28      Motilal Oswal Equity Hybrid Fund      2,73,000      1.48%      9,99,18,000.00
29      Sundaram Mutual Fund A/C Sundaram Flexi Cap Fund      3,64,200      1.97%      13,32,97,200.00
30      Sundaram Mutual Fund A/C Sundaram Equity Savings Fund      1,82,240      0.99%      6,66,99,840.00
31      Aditya Birla Sun Life Insurance Company Limited      2,73,240      1.48%      10,00,05,840.00
32      Bajaj Allianz Life Insurance Company Ltd.      2,73,240      1.48%      10,00,05,840.00
33      East Capital - East Capital Global Emerging Markets Sustainable      2,73,240      1.48%      10,00,05,840.00
34      Elara India Opportunities Fund Limited      2,73,240      1.48%      10,00,05,840.00
35      Pinebridge Global Funds - Pinebridge India Equity Fund      2,73,240      1.48%      10,00,05,840.00
36      Pari Washington India Master Fund, Ltd.      2,73,240      1.48%      10,00,05,840.00
37      Bcad Fund      2,73,240      1.48%      10,00,05,840.00
38      Nippon India Equity Opportunities Aif - Scheme 7      1,36,640      0.74%      5,00,10,240.00
39      Edelweiss Tokio Life Insurance Co.Ltd. Equity Top 250 Fund      68,320      0.37%      2,50,05,120.00
40      Edelweiss Tokio Life Insurance Company Limited - Equity Midcap Fund - Sfin Ulif001107/10/16Etlimidcap147      68,320      0.37%      2,50,05,120.00
41      Citigroup Global Markets Mauritius Private Limited      1,36,640      0.74%      5,00,10,240.00
42      Morgan Stanley Asia (Singapore) Pte. - Odi      4,09,800      2.22%      14,99,86,800.00
43      Copthall Mauritius Investment Limited - Odi Account      3,41,520      1.85%      12,49,96,320.00
44      Goldman Sachs (Singapore) Pte. - Odi      2,04,903      1.11%      7,49,94,498.00
      TOTAL      1,84,42,623      100.00%      6,75,00,00,018.00
                        
      Out of the total allocation of 18,442,623 Equity Shares to the Anchor Investors, 6,967,120 Equity Shares (i.e. 37.78% of the total allocation to Anchor Investors) were allocated to 8 domestic mutual funds through a total of 17 schemes. Set forth below is a scheme-wise detail of mutual funds:                  
                        
Sr. No.      Name of MF Scheme      No. of Shares Allocated      % of Anchor Portion      Total Amount Allocated (Rs.)
                        
1      Nippon Life India Trustee Ltd- A/C Nippon India Banking & Financial Services Fund      13,66,120      7.41%      49,99,99,920.00
2      Axis Mutual Fund Trustee Ltd A/C Axis Mutual Fund A/C Axis Flexi Cap Fund      4,55,360      2.47%      16,66,61,760.00
3      Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Equity Hybrid Fund      4,55,360      2.47%      16,66,61,760.00
4      Axis Mutual Fund Trustee Ltd. A/C Axis Mutual Fund A/C Axis Balanced Advantage Fund      4,55,400      2.47%      16,66,76,400.00
5      Mirae Asset Midcap Fund Miraeamf      8,06,000      4.37%      29,49,96,000.00
6      Mirae Asset Banking And Financial Services Fund      4,10,000      2.22%      15,00,60,000.00
7      Mirae Asset Equity Savings Fund      54,520      0.30%      1,99,54,320.00
8      Mirae Asset Balanced Advantage Fund      95,600      0.52%      3,49,89,600.00
9      Edelweiss Trusteeship Co Ltd Ac- Edelweiss Mf Ac-Edelweiss Balanced Advantage Fund      3,27,880      1.78%      12,00,04,080.00
10      Edelweiss Trusteeship Co Ltd Ac - Edelweiss Mf Ac- Edelweiss Recently Listed Ipo Fund      3,55,160      1.93%      12,99,88,560.00
11      Uti - Banking And Financial Services Fund      2,73,200      1.48%      9,99,91,200.00
12      Uti Small Cap Fund.      2,73,200      1.48%      9,99,91,200.00
13      Canara Robeco Mutual Fund A/C Canara Robeco Small Cap Fund      5,46,440      2.96%      19,99,97,040.00
14      Motilal Oswal Focused 25 Fund      2,73,440      1.48%      10,00,79,040.00
15      Motilal Oswal Equity Hybrid Fund      2,73,000      1.48%      9,99,18,000.00
16      Sundaram Mutual Fund A/C Sundaram Flexi Cap Fund      3,64,200      1.97%      13,32,97,200.00
17      Sundaram Mutual Fund A/C Sundaram Equity Savings Fund      1,82,240      0.99%      6,66,99,840.00
      TOTAL      69,67,120      37.78%      2,54,99,65,920.00

I was enthusiastic about KFINTECH IPO for a long, however, too many negative opinions are bothering me a little. Undoubtedly Chittorgarh group members are highly learned. Nevertheless, owing to the small sample size (number of market participants/group members), many a time, opinions expressed here are prone to “RANDOM DRIFT”. Due to this sampling error; the collective opinion of this group sometimes doesn’t reflect proper analysis of an IPO which is evident through three examples, SonaBLW, Adani Wilmer and Medanta. If the opportunity is given, will somebody not invest in Air India coz it has a history of GOI's inefficient management? What relationship KFINTECH has to erstwhile Karvey? Except that they have some commonness of name. Does the company structure have any direct or indirect bearing of Karvey? Perhaps not. I exited CAMS very early. I was not much aware of their business, I regret. AMCs are their clients. This business has some entry barriers. After becoming the world's fifth-largest economy, India now ranks 5th in the world market cap (with a share of ~3.5% of global M-Cap currently). In this scenario, CAMS and KFINTECH are enjoying a duopoly. It has a 75% float for QIBs which is a good point. OFS is not always bad (Bikaji). I see it as a portfolio stock for myself, which may be risky, but I will go with it. Views and comments are invited. Your NIFTY.

@Goelpearl ji, I accept my mistake. General atlantic holds ~75% and selling ~25%. I should have rather checked rhp instead of relying on social media🙏

69.1 UjwalG@ CAMS came with 2244 crore pure OFS. Which brought down the promoter holding from 43% to around 30% ( may be slight variation). Today it's around 20% due to further stack sale. Contrary to this, Post issue 50% stack by promoter will ensure their skin in the game by KFIN. Further, if the KFIN is not cheap than CAMS, it is not costly also.

Stocks with lot of negativity have surprised us in the past and generated amazing returns,in this case we can compare performance with CAMS, prima facie if we compare PB ration then i think kfin has PB of around 10.5 while CAMS has 18 similarly PE is also in the near about range kfin has around 47 and cams has around 39. So initially i think valuations are between ok to cheap. BUT i think there is one issue in their balance sheet, thay have huge goodwill in their books since 2018.if we remove that goodwill then PB ratio will significantly increase by 2-3 times. If someone has any idea regarding goodwill in their books then please let me know.

FOUND THIS IN AUDIT REPORT

We draw attention to the consolidated financial statements regarding the amalgamation of Karvy Computershare Private Limited (KCPL) and the ‘RTA Undertaking’ of Karvy Consultants Limited (KCL) into the Holding Company accounted for in financial year 2018-2019 with effect from 17 November 2018. In accordance with the scheme approved by NCLT, the amalgamation had been accounted for as per Accounting Standard 14 – “Accounting for Amalgamations’. Accordingly, all assets and liabilities of KCPL and of the RTA Undertaking of KCL had been recorded at their respective existing book values. The difference between the book values of the net assets so recorded and the consideration (being the face value of equity shares issued by the Holding Company to the shareholders of KCL and cost of investment in equity shares of KCPL) amounting to INR 6,694.10 million had been debited to Goodwill. This Goodwill is being amortised over a period of 10 years as per the terms of the Scheme and is also tested for impairment every year. Such accounting treatment of this transaction is different from that prescribed under Ind AS 103 – ‘Business Combinations’ which became applicable to the Holding Company from the year ended 31 March 2019 and which requires assets, liabilities and consideration to be measured at fair value and goodwill to be tested only for impairment. Since no evaluation of the fair value of assets, liabilities and consideration as at the date of the aforesaid amalgamation has been made by the management in view of the NCLT order referred to above, the impact of this deviation cannot be determined. The effect of the aforesaid deviation in the accounting treatment continues in the consolidated financial statements of each of the mentioned years.
Our opinion is not modified in respect of this matter.

Also found this in prospectus ‘contingent liabilities’

Amount for the period ended 31 December 2021, primarily includes show cause notice received from the income tax authorities relating to tax treatment of depreciation on goodwill claimed in AY 2020-21 aggregating to INR. 1,480.15 million (Tax impact INR. 232.08 million). The Group is in the process of submitting its response to the income tax authorities. The Group periodically receives notices and inquiries from income tax authorities related to the Group’s operations and returns filed. The Group has evaluated these notices and has concluded that any consequent income tax claims or demands by the income tax authorities will not succeed on ultimate resolution.

My advise to everyone, please keep away from IPOs for the time being. After Dharmaj (which was not a popular company) flop show, things are pretty clear that even highly subscribed IPOs too will fail unless and until the following 3 P's are met:
Popularity
Profitability
Pricing

Absolutely right. Particularly, OFS should be completely avoided for the time being.

Avoid this overpriced issue brought to just cheat with retailetrs. In part they cheated by name of karvy and now changing name to KFIN to fool with retail investors.

But then why most of the issues still selecting it as registrar.

Absolutely right.Company's image in the market is very worst.It is not able to solve investor's simple complaints,like non receipt of dividend etc.On the contrary,company is misguide/confuse investor.Comany has not solved my 3 complaints regarding unclaimed dividend since last eight months.

Greedy management thinks that retail investors are moron by offering share at high PE with full offer for sale issue.

No i think QIBs are morans as 75% is reserved for them. It is some company like Abans think retailers are morans so they kept 60% quota for them

Many members have given their opinion about this IPO here. So, this is avoid for me also. Members know the past history of this company. No need to explain any more here.
Finally one sentence:
"KFin IPO SUITABLE FOR HIGH-RISK TAKING INVESTORS ONLY".
Take your own decision.

No harm in avoiding this fully priced OFS

Gmp of current time ipo after issue close
:- achhaa to ab me chalta hu , duao me yaad rakhana
Ab me vapis nahi aane vala😂😂

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SNAPDEAL issue withdrawn and so is Waree

It is 100% OFS ISSUE SO ALL MONEY WILL GO TO SINGAPORE COMPANY AND NOTHING IS WITH THE COMPANY SO NOTHING EFFECT ON COMPANY NUMBERS.

SO I THINK IT SHOULD BE AVOIDING

This is no logic. Other way to look is that no fresh money in the company means no project risk. No pressure to deploy that money. Incidently money in the company only raises book value. On that basis (price/book value) it is half cheaper than CAMS

Huge OFS and sentiments are also negative. Also no GMP activity.
But, being a registrar themselves, will not they try to operate their own shares?
Just a curious mind.

@arun, I am aware that they can't be.
But, I meant that they must be knowing all the dynamics of it. So they can manage easily.

@hbk - regulator doesnt allow to manage own RTA. thats why given to Bigshare

Karvy and KFin are Different.....

Yes it was from same group initially and the chairman and MD was Falthu Partha***, but after his great dubious adventures, he was ousted from his positions in 2019. the majority stake was only with General Atlantic and board was entirely sanitized from these Falthu Partha infectious traces, name changed from Karvy Fintech to Kfintech, erased all links from the Karvy group, to give maximum assurance to the fund houses (by General Atlantic)..
Now Kotak bank also entered into this shareholders,
still GA holds (pre ipo) around 74%
Unfortunate thing is: This Falthu Partha and Co. is still holding 14% stake in this Kfintech on his name, his HUF and his relatives..., One good thig is, these creatures are classifed as "Restricted shareholders" and maintained with tag line until the complete investigations comes out.
Final summary in Short: No need to worry about dark traces of Karvy in Kfintech, its completely independent company from 2019 onwards, and no where related to the Karvy (Mutual fund houses required very clean company with management as stricter regulatory norms, hence GA cleared everything)

Dscl: Not applying in this highly overpriced huge OFS

they are different, 4 years back detachment happend.

We all wants appreciation of our hard earned money. This is our basic requirement and at the same time it must be protected and must not be wealth destroyer like Paytm, GIC, AGS Technology, LIC, New India Assurance, Uniparts, Dharmaj..... List is very long
So here one have to be very cautious and selective while choosing the ipo 4 investment so that our fund may not give the ( - ) negative returns at any how. For that promoter group' track record, ipo pricing, sector and future prospect is very much important. One may not love the name ( Company) and stick to his goal. It's not important that the name of company which gives you the good returns. So try yo choose the company in which you can have something better than Bank FD. Money don't have color, ultimately it's money in any shape. I personally don't have faith in KARVU group. So I am skipping it and waiting 4 proper company which can give me the fantastic returns like Varanium Cloud, Global, Silicon , Kaynes, Aether,

How are Uniparts and Dharmraj wealth destroyer ? Dharmraj didn't perform as per the GMP but at least it gave some gains. And for Uniparts, the game is still fresh.

you mentioned promoter group' track record, ipo pricing, sector and future prospect as impportant criteria. what is your analysis of kfin on each of these?

i Have an account in IOB.
i use to apply through IOB Asba but never alloted (DPID everything correct) and they release funds alse very late. Its better to change bank account?

has any one changed bank account and got allotment?

Its all depend on your pan number

You can try your luck in landmark car or aban holding. Confirm chance of allotment.

It seems DNA of SAHARA and KFIN almost same ....looting poors hard earned money 🤔 🤔

Kotak bank is stupid and would have overlooked this dna when they invested last year, right?

Very true.

Another past instance of corporate governance issue of Kfin Tech:
Sebi (Dec 2021) imposed a penalty of ₹1.5 crore on KFin Technologies (formerly Karvy Computershare) for redeeming its units in Taurus Mutual Fund on the basis of privilege information, pertaining to Ballarpur Industries default, available to it as RTA.
By redeeming all units in Taurus Liquid Fund and Taurus Ultra Short Term Bond Fund in February 2017, KFin Technologies made unlawful gain of about ₹1.2 crore, Sebi said.

@Liger
Karvy Fintech has very dark past. It had a reputation and record of anti retail activities. KARMA will come to haunt it now. KADNA is not going to leave it just by change of name or bringing new investors.Those who have suffered and lost their hard earned money will never forget their suffering.