Avanse Financial Services Ltd has submitted a draft red herring prospectus to the Securities Exchange Board of India for an initial public offering (IPO) to raise Rs 3,500 crore.
The IPO plan includes a fresh issue of Rs 1,000 crore and an offer for sale (OFS) of up to Rs 2,500 crore.
The OFS will involve selling shares worth up to Rs 1,758 crore by Olive Vine Investment, an affiliate of Warburg Pincus holding more than 58 percent stake in the company. Additionally, International Finance Corp plans to sell shares worth Rs 342 crore, and Kedaara Capital Growth Fund aims to sell shares worth Rs 400 crore.
The lead managers for the issue are Kotak Mahindra Capital, Avendus Capital, JP Morgan, Nomura Financial Advisory, Nuvama Wealth Management, and SBI Capital Markets.
