SK Finance Adjusts IPO Plans Ahead of Market Debut

SK Finance Ltd., an Indian non-banking financial company backed by TPG Inc., is preparing to launch its initial public offering as early as next week after revising the deal size downward. The IPO is now expected to raise approximately ₹1,600 crore ($182 million), a reduction from the initially planned ₹2,200 crore.

The offering will include new shares worth up to ₹5 billion and existing shares valued at ₹17 billion from shareholders including TPG and Norwest Venture Partners. Proceeds are earmarked for lending activities and general corporate purposes. Kotak Mahindra Capital, Jefferies, Motilal Oswal, and Nomura are managing the transaction.

Regulatory approval was secured in August 2024 following the company's draft prospectus filing in May 2023. The approval remains valid for twelve months. Market observers note the timing coincides with renewed investor interest in financial sector listings despite recent market volatility.