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Aavas Financiers IPO opens today

Aavas Financiers has received funding worth Rs5.2 billion from high profile anchor investors ahead of its IPO that opens on 25 September. The Jaipur-based financial services company has finalized 34 anchor investors at the upper end of the price band Rs821 per equity share. Some of the largest global active asset managers and sovereign wealth funds (SWFs), including Abu Dhabi Investment Authority, Kuwait Investment Authority, Nomura, HSBC Halbis, Morgan Stanley, Amundi, Wesatch, BNP, Steinberg, Kotak, Buena Vista and Think have participated in the anchor book. Among the Indian investors are SBI Mutual Fund, ICICI Prudential Mutual Fund, Reliance Mutual Fund, Birla Mutual Fund and Kotak Mutual Fund, besides insurance companies SBI General Insurance, Bajaj Allianz, and Birla Sunlife. The bid/offer period will end on 27 September. The company intends to raise Rs 17.34 billion through this public offer, says Sushil Kumar Agarwal, founder and CEO. The price band for the offer is from Rs818 to Rs821 per equity share. Bids can be made for a minimum of 18 equity shares and in multiples of 18 shares thereafter. ICICI Securities, Citigroup Global Markets India, Edelweiss Financial Services, HDFC Bank and Spark Capital Advisors (India) are the lead managers for the issue.

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