The Initial Public Offering (IPO) of Jana Small Finance Bank is set to open today, with the bank aiming to utilise the funds from the fresh issue to enhance its core capital and meet future capital requirements. Ahead of the IPO, the bank has already allocated 40,32,588 equity shares to 17 anchor investors, raising Rs 166.95 crore on Tuesday.
Jana Small Finance Bank plans to raise funds through an IPO comprising a fresh issue of equity shares amounting to Rs 4,620.00 million (Rs 462 crore), adjusted for the pre-IPO placement and offer of sale by selling shareholders. Additionally, there is a reservation of up to Rs 135.00 million for subscriptions by eligible employees.
The IPO includes a primary share sale of Rs 462 crore at the upper end of the price band, with the remaining Rs 108 crore as an offer for sale. The price band is fixed at Rs 393 to Rs 414 per equity share of face value Rs 10 each.
Bidding for the IPO will begin on Wednesday, February 7, 2024, and conclude on Friday, February 9, 2024. The Anchor Investor Bidding Date was February 6, 2024, during which the company raised Rs 166.95 crore.
Out of the total allocation to Anchor Investors, 6 per cent was allocated to one domestic mutual fund through two schemes. Bids can be made for a minimum of 36 equity shares and in multiples of 36 equity shares thereafter.
Axis Capital Limited, ICICI Securities Limited, and SBI Capital Markets Limited are the book-running lead managers for the issue.
