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India's Au Financiers files for IPO after obtaining small finance bank license

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India's Au Financiers files for IPO after obtaining small finance bank license

India-based Au Financiers filed for its proposed IPO more than a month after obtaining a final license to operate a small finance bank.

The company is seeking to sell 53,422,169 shares with a face value of 10 Indian rupees each, according to a draft red herring prospectus filed Feb. 1 with the Securities and Exchange Board of India.

While Au Financiers has yet to decide on a price band for the IPO, the Press Trust of India quoted sources as saying that the offering could garner 8 billion rupees to 10 billion rupees. The shares are proposed to be listed on the BSE and National Stock Exchange.

ICICI Securities Ltd., HDFC Bank Ltd., Motilal Oswal Investment Advisors Pvt. Ltd. and Citigroup Global Markets India Pvt. Ltd. are the lead managers for the IPO.

As of Feb. 1, US$1 was equivalent to 67.45 Indian rupees.