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19 Nov 2024
Avanse Financial Services Ltd, an Indian non-banking financial company (NBFC) focusing on education, has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). Olive Vine Investment Ltd, affiliated with Warburg Pincus, is the company's promoter. Institutional shareholders include International Finance Corporation (IFC), Kedaara Capital, Mubadala Investment Company, and Avendus Future.
Avanse Financial Services provides a comprehensive suite of educational financial products, including student education loans and education infrastructure loans for institutions, as reported by Crisil. The IPO consists of a fresh issue of equity shares worth up to ₹1,000 crore and an offer for sale (OFS) up to ₹2,500 crore, totaling ₹3,500 crore. The OFS will include shares from Olive Vine Investment Ltd (up to ₹1,758 crore), IFC (up to ₹342 crore), and Kedaara Capital Growth Fund III LLP (up to ₹400 crore).
As of June 20, Olive Vine Investment Ltd holds 149,394,074 equity shares, representing 58.38% of the company's pre-offer issued, subscribed, and paid-up equity share capital on a fully diluted basis. The net proceeds from the IPO will be used to enhance the company’s capital base, supporting the expansion of its business and asset base.
The book running lead managers for the IPO are 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. The equity shares will be listed on both the BSE and NSE.
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