The firm, founded by Ananya Birla, daughter of billionaire Kumar Mangalam Birla, has hired Kotak Mahindra Capital Co. and Axis Capital Ltd. as advisers to the potential share sale and likely to add more bankers later, the people said, asking not to be identified as the discussions are private.
The company plans to file draft paperwork in the next few months, the people said. The offering is expected to comprise a mix of primary share issuance and secondary sales by existing investors, they added.
Deliberations are ongoing and details, including the size of the offering, may change. Representatives for Svatantra Microfin and the banks didn’t immediately respond to requests for comment.
Indian companies have raised about $2.9 billion through IPOs this year, compared with roughly $22 billion in all of 2025, according to data compiled by Bloomberg.
Moneycontrol reported last month that Svatantra Microfin has appointed advisers for the proposed IPO.
Global private equity firms Advent International and Multiples Private Equity invested about $230 million in Svatantra Microfin in 2024.Founded in 2012, Svatantra Microfin is India’s second-largest microfinance institution, according to its website. The company manages consolidated assets under management of about 220 billion rupees, with a network of more than 2,200 branches across 20 states and a workforce of about 25,000 employees, according to its website.