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19 Nov 2024
Avanse Financial Services Ltd has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).
Avanse Financial Services Limited is an Indian non-banking financial corporation (NBFC) specializing in education. According to a Crisil report, the company offers a comprehensive range of education-related products, including student education loans and capital for educational institutions through education infrastructure loans.
The DRHP indicates that Olive Vine Investment Ltd, affiliated with Warburg Pincus, is the promoter of the company. Institutional shareholders include International Finance Corporation, Kedaara Capital affiliates, Mubadala Investment Company, and Avendus Future.
The public offer consists of a fresh issue of equity shares worth up to ₹1,000 crore and an offer for sale (OFS) of up to ₹2,500 crore by the "Selling Shareholder," totaling ₹3,500 crore. The OFS includes shares from Olive Vine Investment Ltd (Promoter Selling Shareholder) up to ₹1,758 crore, International Finance Corporation (Investor Selling Shareholder) up to ₹342 crore, and Kedaara Capital Growth Fund III LLP (Investor Selling Shareholder) up to ₹400 crore. As of June 20, the promoter holds 149,394,074 equity shares with a face value of ₹5 each, representing 58.38% of the pre-offer issued, subscribed, and paid-up equity share capital of the company on a fully diluted basis.
Avanse Financial Services Limited plans to use the net proceeds from the fresh issue to enhance its capital base, supporting future business and asset expansion needs.
Kotak Mahindra Capital Company Limited, Avendus Capital Private Limited, J.P. Morgan India Private Limited, Nomura Financial Advisory and Securities (India) Private Limited, Nuvama Wealth Management Limited (formerly Edelweiss Securities Limited), and SBI Capital Markets Limited are the book running lead managers for the issue.
The equity shares are proposed to be listed on the BSE and NSE.
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