Aavas Financiers is a retail affordable housing finance company primarily serving low and middle income self employed customers in semi-urban and rural areas in India. A majority of its customers have limited access to formal banking credit. According to ICRA Report the Company had the lowest Gross NPAs as of March 31 2018 and the second highest growth rate of assets under management for the last three financial years among affordable housing finance companies that had assets under management between Rs. 25 billion and Rs. 200 billion.The Company offers customers home loans for the purchase or construction of residential properties and for the extension and repair of existing housing units. In addition to home loans the company offers customers other mortgage loans including loans against property. Since the commencement of operations in March 2012 the company has served more than 62500 customers.Aavas Financiers has adopted a strategy of contiguous on-ground expansion across regions and at present the company conducted its operations through 166 branches covering 95 districts in eight states of which it has a significant presence in the four states of Rajasthan Gujarat Maharashtra and Madhya Pradesh. The Company is a technology driven company and it leverages information technology and data analytics for onboarding customers underwriting analysis loan monitoring risk management and collection functions. Between Fiscals 2014 and 2018 the company invested Rs 150.45 million in information technology systems.The Company secures financing from a variety of sources including term loans and working capital facilities; proceeds from loans assigned and securitized; proceeds from the issuance of non-convertible debentures ('NCDs'); refinancing from the National Housing Bank ('NHB'); and subordinated debt borrowings from banks mutual funds insurance companies and other domestic foreign and multi-lateral financial institutions to meet its capital requirements. The Company is led by a professional management team and its Key Managerial Personnel held 7.19% of the outstanding equity interest of the Company.The Company was initially promoted by Au Financiers (India) Limited (now known as AU Small Finance Bank Limited ('AuSFB') which sold 90.10% of the outstanding equity interest of the Company in connection with its conversion to a small finance bank to Lake District Holdings Limited (a subsidiary of Kedaara Capital I Limited) ('Lake District') Kedaara Capital Alternative Investment Fund - Kedaara Capital AIF 1 ('Kedaara AIF-1') Partners Group ESCL Limited ('ESCL') and Partners Group Private Equity Master Fund LLC ('Master Fund') in June 2016. Aavas Financiers Limited was incorporated as private limited company with the name `Au Housing Finance Private Limited' on February 23 2011. During the year under review the company was registered with National Housing Bank (NHB) as a `housing finance institution without accepting public deposits'. In 2012 the company received its first rating BBB+/Stable from CRISIL for long term bank facilities of Rs 1000 million.Pursuant to a special resolution passed by the shareholders on January 10 2013 the company was converted into a public limited company and the name was changed to `AU Housing Finance Limited' on January 11 2013. Consequent to the conversion of into a public limited company the NHB issued a fresh certificate of registration to the company. In 2013 the company received its first refinancing assistance from NHB. In 2014 the company issued its first tranche of non-convertible debentures (NCDs). In 2015 the company entered into its first pool buyout transaction in housing loan priority sector. Pursuant to a notification dated December 18 2015 issued by the Central Government the Company was identified as a `financial institution' under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002.In 2016 the company received investment from Lake District Kedaara AIF-1 Master Fund and ESCL. During the year under review the company received its first subsidy from NHB under `CLSS-PMAY'Pursuant to a special resolution passed by the shareholders on February 23 2017 the name of the Company was changed to `Aavas Financiers Limited' on March 29 2017. Subsequently upon the change of name to `Aavas Financiers Limited' the NHB issued a certificate of registration dated April 19 2017 bearing serial number 04.0151.17. Pursuant to a certificate of registration dated December 8 2017 issued to the Company by the IRDAI it has been authorised to act as a corporate agent (composite) under the Insurance Act and the Corporate Agents Regulation 2015.In 2017 Aavas Financiers Limited entered into first pass through certificate (PTC) transaction with IDBI Trusteeship Services Limited.Aavas Financiers Limited came out with an initial public offer (IPO) during the period from 25 September 2018 to 27 September 2018. The IPO was a combination of fresh issue of Rs 400 crore and an offer for sale of upto 1.62 crore equity shares from 6 selling shareholders. The IPO was priced at Rs 821 per share. The stock made its debut on the bourses on 8 October 2018.