The initial public offering (IPO) of Jana Small Finance Bank opens for public subscription today. The book built issue will remain open for bidders till Friday, February 9.
IPO Price and Listing Details
- Price Band: ₹393 to ₹414 per equity share.
- Listing: Proposed on the BSE and NSE.
Fundraising Details
The company aims to raise ₹570 crore from its initial offer. This includes:
- Fresh issue of 1.12 crore equity shares aggregating to ₹462 crore.
- Offer for sale (OFS) of 26.08 lakh shares aggregating to ₹108 crore.
Lot Size and Minimum Investment
- IPO lot size: 36 shares.
- Minimum investment for retail investors: ₹14,904.
Important Dates
- Allotment Date: Likely on February 12.
- Refunds and Share Credit: Expected on February 13.
- Listing Date: Likely on February 14.
Anchor Investment
Ahead of the IPO opening, Jana Small Finance Bank raised ₹166.95 crore from 17 anchor investors on January 6.
Lead Managers and Registrar
- Book Running Lead Managers: Axis Capital, ICICI Securities, and SBI Capital Markets.
- IPO Registrar: Kfin Technologies.
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Market Insights
- Grey Market Premium (GMP) Today: ₹66 per share, indicating trading at ₹480, 15.94% higher than IPO price.
Jana Small Finance Bank Profile
Jana Small Finance Bank is the fourth largest small finance bank in terms of asset under management (AUM) and deposit size as of September 30, 2023. It offers digitalized banking services with a strong brand recognition and pan-India presence.
Brokerage Firm Recommendation
Brokerage firm Anand Rathi states, “At the upper price band, the company is valuing at P/BV of 1.50x with a market cap of ₹43,300 million post issue of equity shares and return on net worth of 14.40%. We believe that the IPO is fairly priced, hence we recommend a ‘Subscribe’ rating to the IPO.”
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