The National Stock Exchange said the selection of intermediaries for the IPO was conducted through a structured and competitive process approved by its IPO Committee.

The merchant bankers appointed include Kotak Mahindra Capital Company, JM Financial, Axis Capital, ICICI Securities, SBI Capital Markets, Nuvama Wealth Management, Motilal Oswal Investment Advisors, Avendus Capital, Morgan Stanley India Company, Citigroup Global Markets India, J.P. Morgan India, HSBC Securities and Capital Markets (India), IDBI Capital Markets & Securities, 360 ONE WAM, Anand Rathi Advisors, DAM Capital Advisors, Pantomath Capital Advisors and Equirus Capital, among others.

The exchange has also appointed eight law firms, including Cyril Amarchand Mangaldas, Khaitan & Co, Latham & Watkins, Sidley Austin Singapore, AZB & Partners, S&R Associates, Shardul Amarchand Mangaldas and Trilegal, to assist with the proposed offering.

IFCI is a Systemically Important Non-Deposit taking Non-Banking Finance Company (NBFC-ND-SI) in the public sector. IFCI has six subsidiaries and one associate under its fold. The company provides financial support for projects across sectors such as infrastructure, power, telecom, real estate and manufacturing, and has funded several large projects over the years. It also offers government and corporate advisory services, including acting as a Project Management Agency for Production Linked Incentive schemes and as the nodal agency for monitoring Sugar Development Fund loans and implementing credit support schemes aimed at promoting entrepreneurship among Scheduled Castes.

On a consolidated basis, IFCI reported net loss of Rs 15.24 crore in Q3 December 2025 as against net loss of Rs 30.66 crore in Q3 December 2024. Total income rose 2.04% YoY to Rs 466.65 crore in Q3 December 2025.