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Earlier this year, other lending companies such as Kissht and Aye Finance also cut their IPO size, as valuation concerns grew.
The Pune-headquartered company aims to raise Rs 750 crore through a fresh issue of shares.
The Bengaluru-based company plans to raise Rs 1,250 crore through a fresh issue of equity shares.
Kissht has cut the fresh issue component from Rs 1,000 crore to Rs 850 crore, while OFS portion has also been reduced from 8.8 million shares to 4.4 million shares.
The IPO comprises of fresh issue of equity shares of up to Rs 660.7 crore, and an offer for sale (OFS) of up to 28.6 million equity shares by shareholders.
The planned share sale will involve issuing new equity worth up to Rs 1,000 crore while allowing early backers to divest roughly 8.8 million existing shares.
The IPO will open for bids on January 13 for retail and institutional investors.
