Muthoot Microfin, the microfinance subsidiary of Muthoot Pappachan group, has filed draft papers with market regulator Securities and Exchange Board of India (Sebi) to raise Rs 1,350 crore via initial public offering (IPO). The IPO will consist of a fresh issue of equity shares worth Rs 950 crore and an offer for sale of up to Rs 400 crore. This is the second time the company has filed a draft red herring prospectus (DRHP) with Sebi for an IPO. The lenders' net profit for FY23 was Rs 203 crore, and its gross non-performing assets ratio improved to 2.9% at the end of March.