Nearly three months after it , non-banking financial company (NBFC) Avanse Financial Services has received approval from the Securities and Exchange Board of India (SEBI) for its INR 3,500 Cr public issue.
The market regulator issued an observation to the NBFC on October 23, which is a greenlight to go ahead with the IPO. With this, all decks have been cleared for the company’s public listing on Indian bourses.
In late July, citing “non-compliance with Regulation 7(1)(a) of SEBI ICDR Regulations, 2018”. Following this, the company’s board and IPO committee convened on July 30 and July 31, respectively, to approve the refiling. Subsequently, the updated IPO papers were filed on July 31.
Founded in 2013, Avanse offers education financing for students and educational institutions in India. It also caters to students looking to study abroad and offers skill enhancement loans. The company is backed by Warburg Pincus, International Finance Corporation (IFC), Kedaara Capital, and Mubadala Investment Company.
The and an offer for sale (OFS) component of shares worth up to INR 2,500 Cr.
(The story will be updated soon.)
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