Aavas Financiers Ltd raises Rs 520 Cr from 34 anchor investors

By Rohit Sharma


Aavas Financiers Limited on September 24, raised Rs 520 crore from anchor investors ahead of its IPO, opens today (25 September).

The Company has finalized 34 anchor investors at the upper end of the Price Band (Rs. 821 per equity share).

The Company allotted a total of 6,336,439 equity shares at Rs. 821 per equity share aggregating to Rs. 520.22 crore, company said in statement.

As per sources, the overall demand was over USD 1 billion from more than 75 investors across the US, Europe, Asia and India (well over 10 times the anchor amount).

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 participated in the anchor book.

The IPO comprises of a fresh issue of up to Rs 400 crore and an offer for sale of up to 1.62 crore equity shares.

Lake District Holdings Limited (Lake District) to sale 8,815,439 Equity Shares, up to 4,281,907 Equity Shares by Partners Group ESCL Limited, up to 236,339 Equity Shares by Kedaara Capital Alternative Investment Fund  and up to 1,879,110 Equity Shares by Partners Group Private Equity Master Fund LLC.

Sushil Kumar Agarwal, Founder and CEO of Aavas Financiers Limited will put up 911,564 Equity shares for sale.

Many large domestic mutual funds including 4 out of the top 5 such as SBI MF, ICICI Prudential MF, Reliance MF, Birla MF, Kotak MF, DSP MF, IDFC MF, Sundaram MF, Edelweiss MF and IIFL MF have participated.

The anchor book also saw widespread participation from the leading life insurance companies such as SBI, Bajaj Allianz, Birla Sunlife, Kotak and Max.



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