Singapore: GIC comes in as anchor investor in AU Small Finance Bank pre-IPO

The building of the Bombay Stock Exchange in Mumbai. Credit: Wikimedia Commons

SIngapore’s sovereign wealth fund GIC is among the anchor investors in the pre-IPO round of private equity-backed AU Small Finance Bank Ltd, which has raised Rs 563 crore ($87 million) from anchor investors based in Singapore and Kuwait. The public offer will close on 30 June.

Other investors in the pre-IPO round are the Kuwait Investment Authority, the Master Trust Bank of Japan, US-based East Bridge Capital, Singapore hedge fund Amansa Holdings and the investment funds of Nomura, Wells Fargo and HSBC.

ICICI Securities, HDFC Bank, Motilal Oswal Investment Advisors and Citigroup Global Markets India are the book running lead managers for the issue, with the public issue of AU Small Finance Bank offering 53,422169 equity shares from promoters and investors.

The Jaipur-based company is licensed to engage in small finance banking and maintains a network of 300 branches spread across the states of Gujarat, Maharashtra, Rajasthan, Delhi, Punjab, Haryana, Himachal Pradesh, Madhya Pradesh, Goa and Chhattisgarh.

Previously, it operated as a non-banking finance company (NBFC) – AU Financiers – across 10 states, before maturing into a small finance bank. It primarily serves low and middle-income individuals and businesses that have limited or no access to formal banking and finance channels.

Currently, AU operates three business lines. These are vehicle finance; micro, small and medium enterprises (MSME) loans; and small and medium enterprises (SME) loans. Itis seeking a valuation of around Rs 10,176.18 crore ($1.6 billion) through the initial public offer (IPO) and will see equity shares listed on the BSE and National Stock Exchange of India, both which rank among the largest bourses globally as at April 2017.

The IPO is an exit event for its private equity (PE) backers – Warburg Pincus, Kedaara Capital, MYS Holdings Pvt. Ltd, ChyrsCapital Investment Advisors India and International Finance Corporation – with their promoters disposing of their shares in the public listing as well.

 

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.