Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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AU Small Finance Bank Limited / Equity Capital Markets

<p>Au Small Finance Bank plans to raise around US$300m through a sell down of secondary shares by its existing PE investors and management. </p><p>The deal scores well on our framework given the company's robust growth record and past performance of finance related listings in India. However, it is being offered at a premium to peers and the company recently sold off a subsidiary to its existing PE investors, hence, a large part of the book is cash. We aren't wholly convinced that the sale was needed or that the premium is warranted on the cash.</p>

Au Small Finance Bank plans to raise around US$300m through a sell down of secondary shares by its existing PE investors and management. The deal scores well on our framework given the company's robust growth record and past performance of finance related listings in India. However, it is being offered at a premium to peers and the company recently sold off a subsidiary to its existing PE investors, hence, a large part of the book is cash. We aren't wholly convinced that the sale was needed or that the premium is warranted on the cash.

Au Small Finance Bank IPO - Paying More but Getting Less (Ex-Housing)

India

AU Small Finance Bank Limited operates as a commercial bank. The Bank offers financial products and services such as savings and current accounts, term deposits, debit cards, insurance, government banking, retail loans, and microfinance lending. AU Small Finance Bank serves customers in India.

AU Small Finance Bank Limited (AUBANK IN)

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Au Small Finance Bank IPO - Paying More but Getting Less (Ex-Housing)

Au Small Finance Bank plans to raise around US$300m through a sell down of secondary shares by its existing PE investors and management. The deal...

Sumeet Singh