Au Financiers IPO Gets Approval From SEBI:
Jaipur-based small finance bank licence holder Au Financiers gets Securities and Exchange Board of India (Sebi’s) approval to launch an initial public offer (IPO), The company can launch the IPO, which will be pure offer for sale in the next quarter.
The IPO comprises sale of 53,422,169 shares by the existing shareholders, which include promoters and the promoter group.
According to sources, the IPO is expected to garner Rs 800-1,000 crore.
“Our company expects that listing of the shares will enhance our visibility and brand and provide liquidity to its existing shareholders. Listing will also provide a public market for the shares in India,” Au financiers said in the draft papers.
ICICI Securities, HDFC Bank, Motilal Oswal Investment Advisors Pvt and Citigroup Global Markets India Pvt are the merchant bankers to the issue.
The company’s shares are proposed to be listed on the BSE and National Stock Exchange (NSE).
Au financiers, the retail focused non-banking finance company (NBFC) that primarily serves low and middle income individuals, received a licence from RBI to set up a small finance bank in December 2016.
In February 2016, Au Financiers had sold its mortgage business to strengthen its capital base.
Au Financiers currently has 300 branches spread across 11 cities, and proposes to increase them to 400 by March 2018. Going forward, the upcoming small finance bank will continue to focus on small and medium enterprise and vehicle loan segment.
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