The Securities and Exchange Board of India (SEBI) has returned the draft red herring prospectus (DRHP) of non-banking financial company (NBFC) Avanse Financial Services on “technical grounds” 👇

The “reason for sending back” the prospectus was “technical queries” and it was not a “rejection”. As per the report, the startup can refile the initial public offering (IPO) papers as early as Monday (July 29).

This comes a month after the NBFC filed its DRHP. As per the draft documents, its IPO will comprise a fresh issue of shares worth INR 1,000 Cr and an offer for sale (OFS) component of INR 2,500 Cr.

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Credit - Inc42 Media