Au Financiers gets Sebi approval to launch IPO

MUMBAI: Jaipur-based small finance bank licence holder Au Financiers gets Securities and Exchange Board of India, or Sebi’s approval to launch an initial public offer (IPO), according to two people aware of the development. The company will launch the IPO, which will be pure offer for sale in the next quarter. According to draft red herring prospect (DRHP) as shown on Sebi’s website, existing shareholders of the company will sell 53.4 million shares through offer for sale. Au Financiers currently has 300 branches spread across 11 cities, and proposes to increase them to 400 by March 2018.