Advent International is preparing to bring Svatantra Microfin to market in a potential $250m IPO, according to sources familiar with the matter cited by Bloomberg.

The firm, alongside Multiples Private Equity, invested approximately $230m in the business in 2024. 

The planned listing is expected to include a combination of primary share issuance and secondary sales, offering an opportunity for existing investors to partially exit.

Svatantra Microfin has appointed Kotak Mahindra Capital and Axis Capital as advisers for the transaction, with additional banks likely to join as the process progresses. The company is expected to file draft IPO documents in the coming months, although key details remain subject to change.

The potential listing comes as India’s IPO market regains momentum. Companies have raised around $2.9bn so far this year, following approximately $22bn in total proceeds in 2025, signalling improving investor sentiment.

For Advent International, the IPO represents a strategic step towards monetising its position in one of India’s largest microfinance platforms. The business manages approximately $2.6bn in assets and operates a network of more than 2,200 branches across 20 states.

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