 "Private equity-backed Aavas Financiers' Rs 17-bn IPO to open next week")
Private equity (PE)-backed Aavas Financiers' Rs 17.3-billion IPO will remain open for subscription between September 25 and September 27. In the IPO, the housing finance company will issue fresh shares worth Rs 4 billion. The offering includes secondary share sale worth Rs 13.3 billion by PE investors Lake District, Partners Group and Kedaara Capital. The price band for the IPO is Rs 818 to 821 per share.
The total share sale is valued at Rs 17.3 billion at the top end of the price band. The PE players are set to make over three-fold return on their investments. The average cost of acquisition for Lake District and Kedaara is around Rs 245 per share.
ICICI Securities, Citi, Edelweiss Financial, Spark Capital and HDFC Bank are managing the share sale. Aavas Financiers, formerly known as AU Housing Finance, is focused on providing housing loans to low- and middle-income groups in semi-urban and rural areas. The company operators in nine states and has significant branch presence in Rajasthan, Maharashtra and Gujarat.
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