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Indian education loan financier Avanse Financial Services (AFS) filed draft papers on Friday with the country's markets regulator for an initial public offering (IPO) worth 35 billion rupees ($419 million).

The Warburg Pincus-backed non-banking financial services provider is raising up to 10 billion rupees by issuing new shares, while existing shareholders are offloading shares worth 25 billion rupees in the float, its prospectus showed.

Olive Vine Investment is selling shares worth up to 17.58 billion rupees, while International Finance Corporation and Kedaara Capital Growth Fund III will sell shares worth 3.42 billion rupees and 4 billion rupees, respectively.

Avanse, which provides products like education loans and growth capital for education institutions, said it aimed to use the net proceeds to meet its future capital requirements for the growth of its business and assets.

AFS competes with HDFC Credila Financial Services, which plans to raise 27 billion rupees via fresh issue, as per reports.

India's HDFC Bank completed the sale of its stake in HDFC Credila for 95.53 billion rupees to private equity firms BPEA EQT and ChrysCapital in March.

Kotak Mahindra, Avendus Capital, J.P. Morgan, Nomura Financial Advisory and Securities, Nuvama Wealth Management and SBI Capital Markets are the book-running lead managers to the issue, Avanse said.

India has smashed records at home and globally with the number of IPOs filed in recent months, with South Korean carmaker Hyundai Motor's India unit and liquor company Allied Blenders and Distillers making public offerings earlier this month.

($1 = 83.6070 Indian rupees)