I-Sec acted as the sole broker to successfully close c. INR 3,600 mn Stake Sale by Partners Group in Aavas Financiers

ICICI Securities ("I-Sec") has successfully acted as the sole broker to Partners Group for their c. INR 3,,600 mn stake sale in Aavas Financiers Ltd. ("Aavas"). The sale constituted 3.3% of total shares outstanding of the company.

Highlights of the Transaction :

Volatile Market Backdrop : The deal was successfully executed despite high volatility in Indian capital markets due to global lock-down and Indo-China border tensions.

Large Deal Size Relative to Average Daily Trading Volumes : The transaction involved a sale of 2.55 mm shares of the company v/s an average daily trading volume (based on Last 3 months) of c.0.06 mn shares.

Anchored By Long-Only FIIs : The deal was anchored by Capital Group & Nomura Asset Management who constituted c.42% of the book. The order book also saw bids from multiple pools of capital like domestic institutions and multi-strategy funds.

Advisor to Shareholders' and Aavas during their growth journey : I-Sec was the left lead BRLM in the Company's IPO in 2018 and also acted as the sole broker in the sell down by Kedaara Capital in Feb-20 (INR 6,843 mn constituting to ~4.8% of total o/s).

Marketing the Aavas Story : I-Sec has been at the forefront of marketing the Aavas story by organizing global investor roadshows and regular research coverage. This has resulted in I-Sec successfully onboarding new investors in the company.

Banker of Choice to PE firms to Facilitate on Market Exits : With this transaction, I-Sec has facilitated three out of the five $50mn+ PE exits in FY21 (YTD) having facilitated exits for a) Partners Group (Aavas), b) Warburg Pincus (AU SFB) and c) Amadeus, Intel Capital and Accion (Indiamart).

Shares of ICICI Securities Ltd was last trading in BSE at Rs.485.5 as compared to the previous close of Rs. 485.65. The total number of shares traded during the day was 13573 in over 594 trades.

The stock hit an intraday high of Rs. 492 and intraday low of 476.6. The net turnover during the day was Rs. 6590138.

Shares of AAVAS Financiers Ltd was last trading in BSE at Rs.1422 as compared to the previous close of Rs. 1419. The total number of shares traded during the day was 3613 in over 849 trades.

The stock hit an intraday high of Rs. 1422 and intraday low of 1363. The net turnover during the day was Rs. 5062540.

Source : Equity Bulls

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