IPO

Abans Holdings Sets IPO Price Range at Rs 256-270

Picture Source: Internet

Abans Holdings, the financial services arm of Abans Group, has fixed the price range for its public offering at Rs 256-270 per share. The IPO will open for subscription on December 12 and close on December 15.


Anchor Books will be open for one day on December 9. The IPO included a new issue of 38 lakh shares and an offer to sell 90 lakh shares by promoter, founder, chairman and managing director Abhishek Bansal.


Apart from general corporate purposes, the proceeds will be used to increase the capital base of Abans Finance, a subsidiary of the NBFC, to meet future capital requirements.


Abans Holdings provides NBFC services, global institutional trading in equities, commodities and foreign exchange, private client stockbroking and depository services.


It also provides asset management, investment advisory and wealth management services to corporate, institutional and high-net-worth clients. It operates in six countries on the eastern continent, including Hong Kong, the UK, UAE, China, Mauritius and India.


The financial services company’s FY22 profit rose 35% from the previous year, but revenue plunged 52% to Rs 638.63 crore during the same period.


For the five months to August 2022, profit was Rs 29.7 crore on revenue of Rs 285 crore. Aryaman Financial Services is the sole commercial bank for the public issue, and Bigshare Services is the registrar for the offer.

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