India: IIFL Asset Management raises $216m for second pre-IPO fund

Photo: Reuters

IIFL Asset Management Co. Ltd has raised $216 million (Rs 1,400 crore) for its second pre-IPO fund, IIFL Special Opportunities Fund 2, according to a statement.

The new fund comes a couple of months after the company closed its first pre-IPO fund, IIFL Special Opportunities Fund, that raised $250 million.

“The huge success of IIFL Special Opportunities Fund prompted us to launch Series 2. Overwhelming demand by investors coupled with increasing investment avenues given the healthy IPO pipeline has resulted in rising confidence in such a unique product offering. Our AIFs offer our clients various opportunities to invest in securities that are otherwise unavailable to most investors,” said Amit Shah, CEO of IIFL Asset Management Business.

Fund 2 is a close-ended scheme under Category II Alternative Investment Fund (AIF). The fund seeks to generate long-term capital appreciation through investment in equity and equity-related instruments of to-be listed companies, IIFL said in the statement.

Prashasta Seth, CIO, IIFL Asset Management Business, said, “The IPO segment has provided loads of opportunities in the past few months.”

According to a data provided by primary market tracker Prime Database, 26 companies raised Rs 26,493.8 crore through IPOs in 2016 and in the previous year, 21 companies raised Rs13,614 crore through IPOs.

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