Au financiers files draft papers with Sebi for IPO

Au financiers, a Rajasthan-based non-banking finance company, has filed draft papers with capital market regulator Sebi to float an initial public offering.
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.
"Going forward, we intend to expand and strengthen our business model to offer a diverse suite of banking products and services by leveraging our asset-based lending strengths, existing customer base and cost efficient, technology driven hub-and-spoke branch operating model to create a successful new small finance bank," Au financiers said.
Last year, two microfinance players Ujjivan Financial Services and Equitas Holdings had launched their initial share sale plans.