On February 14, Kolkata-based microfinance lender Arohan Financial Services filed a draught red herring prospectus with Sebi for its IPO.

On behalf of Aavishkaar Goodwell India Microfinance Development Company II and Maj Invest Financial Inclusion Fund II K/S, the public offer comprises a fresh issue of Rs 850 crore and an offer to sell 2,705,893 equity shares. Market sources estimate the issue size at Rs 1,750-1,800 crore. It stated in its DRHP that it may raise Rs 150 crore via pre-IPO placement. If a pre-IPO occurs, the company's new issue size will be lowered.

A 68% CAGR between FY17 and FY20 was Arohan's second-best among the top 5 NBFC-MFIs in India. Between FY18 and FY20, it grew its client base by 49%. The company's microfinance portfolio was 76.78 percent rural by September 2020, and women made up almost 97% of its overall clients. With 710 branches in 11 states, the company's microfinance operations are spread across the country, while its MSME lending operations are spread over eight states through a network of ten branches. The Aavishkaar Group owns Aavishkaar Venture Management Services (AVMS) and Intellectual Capital Advisory Services (I-Cap). The Aavishkaar Group has roughly $1 billion in AUM by September 2020.