The IPO consist of a fresh issue of upto 3.80 million shares of Rs80 crore and an offer for sale of upto 9 million shares by its promoter Abhishek Bansal
Listen to this article
Abans Holdings Ltd has filed a draft red herring prospectus with Securities Exchange Board of India to issue 12.80 million shares for raising funds via initial public offering.
The IPO consist of a fresh issue of upto 3.80 million shares or ₹80 crore and an offer for sale of upto 9 million shares by its promoter Abhishek Bansal. Currently, Promoter Abhishek Bansal holds 96.45% stake and post IPO he will hold 71.19% stake in the firm.
The company said it is considering a pre-IPO placement of upto 2.5 lakh shares. Aryaman Financial Services Ltd is the sole book running lead manager to the issue.
The proceeds from the issue will be used for further investment in its non banking finance company Abans Finance Pvt Ltd for financing the augmentation of its capital base to meet its future capital requirements. Abans Finance's gross NPA stood at nil as of Mar 2021.
Abans Holdings currently holds 91.77% stake in Abans Finance Pvt Ltd.
For fiscal year 2021, consolidated total revenue of Abans Holdings stood at ₹1331.37 crore against ₹2771.88 crore last year. Net profit for the period stood at ₹45.94 crore versus ₹39.27 crore a year ago. Its outstanding debt stood at ₹267.39 crore.
Abans group is globally diversified organisation engaged in Financial Services, Gold Refining, Jewellery, Commodities Trading, Agricultural Trading and Warehousing, Software Development and Real Estate. It is currently had active businesses in across six countries across the Eastern Continents, including UK, Singapore, UAE, China, Mauritius and India.