Avanse Financial Services, which is promoted by US private equity firm Warburg Pincus, has shortlisted six investment banks as advisors as the Mumbai-based company gears up to go public in 2024 to raise around Rs 4,000 crore, according to a Moneycontrol report citing multiple industry sources.
If the IPO is finalised and successful, it would arguably be the first-ever listing by an education-focused NBFC in India.
“After the pitches held late last year, Avanse shortlisted Kotak Mahindra Capital, Nomura, JP Morgan, Nuvama, Avendus Capital and SBI Caps for the IPO syndicate,” according to the Moneycontrol report citing one of the sources.
The report also quoted a second source saying that the deal was likely to be kicked off in January. According to the person, the listing will facilitate a partial exit for the investors and help mop up additional growth capital for the fast-growing Avanse, if required.
Three more persons confirmed the syndicate of six advisors, according to the report.
The aim was to launch the IPO after the elections, one of the persons said, as per the report.
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