Social Worth Technologies Ltd, the parent company of digital lending platform Fibe, has filed draft papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).
The proposed IPO comprises a fresh issue of equity shares worth up to Rs 750 crore and an offer for sale (OFS) of over 4 crore equity shares by existing shareholders, according to the draft red herring prospectus (DRHP) filed on Monday.
According to the draft papers, the proceeds from the fresh issue will be used to invest in its material subsidiary, ESPL, for augmenting its capital base to support onward lending requirements, besides meeting general corporate purposes.
Incorporated in 2015 as Social Worth Technologies Ltd, the company operates under the Fibe brand and offers digital credit products across personal loans and purpose-driven financing, catering to consumption, education, insurance, and healthcare needs.
Fibe said technology forms the backbone of its operations, with artificial intelligence (AI), machine learning (ML) and data science being deployed across customer onboarding, underwriting, risk management, fraud detection, operations and collections.
