New Delhi, June 26 (KNN) The initial public offering (IPO) of AU Small Finance Bank, which focuses of MSME financing along with other finances, will open for subscription on June 28, with a price band of Rs 355-358 per share.

The Equity shares are proposed to be listed on BSE and National Stock Exchange of India. ICICI Securities, HDFC Bank, Motilal Oswal Investment Advisors and Citigroup Global Markets India will act as book running lead managers for the issue.

The objects of the offer are to achieve the benefits of listing equity shares on stock exchanges and for the offer for sale of 53,422,169 equity shares.

The company will not receive any proceeds from the offer. All proceeds from the offer will go to each of the selling shareholders, in proportion to its portion of the offered shares.

AU Small Finance Bank is a small finance bank (SFB) that has recently transitioned from a prominent, retail focused non-banking finance company (NBFC).

It primarily served low and middle-income individuals and businesses that have limited or no access to formal banking and finance channels.

It received a license from the Reserve Bank of India to set up an SFB on December 20, 2016 and commenced SFB operations on April 19, 2017. Prior to such date, the company was categorised as a 'systemically important, non-deposit accepting asset finance company' (NBFC-ND-AFC) by the RBI.

The company commenced operations in 1996 in Jaipur, Rajasthan and was registered as an NBFC with the RBI in 2000. In 2005, it became a commercial associate of HDFC Bank for originating and servicing vehicle loans.

AU operates in three business lines - vehicle finance; micro, small and medium enterprises (MSME) loans; and small and medium enterprises (SME) loans.