Suryoday Small Finance Bank IPO opens off today: Should you subscribe?


New Delhi: The IPO of Suryoday Small Finance Bank will open on Wednesday. The IPO comprises fresh issuance of 81,50,000 equity shares and an offer for sale of up to 1,09,43,070 equity shares by existing shareholders. 

The small finance bank has proposed to utilise proceeds from the fresh issue towards augmenting its Tier-1 capital base to meet future capital requirements. Suryoday Small Finance Bank on Tuesday raised a little over Rs 170 crore from anchor investors ahead of an initial share-sale, which will open for public subscription on Wednesday.

The company’s initial public offer (IPO) committee has decided to allocate a total of 55,77,920 shares at Rs 305 per piece to 13 anchor investors, aggregating to Rs 170.12 crore,the bank informed BSE.

Here is all about Suryoday Small Finance Bank IPO 

 

  • The anchor investors include Axis Mutual Fund, IDFC Mutual Fund, SBI Life Insurance Company Ltd, Integrated Core Strategies Asia Pte Ltd, Aditya Birla Sunlife Insurance Company, ICICI Lombard General Insurance Company, ICICI Prudential Life Insurance Company, Goldman Sachs (Singapore) Pte and India Max Investment Fund Ltd.
     
  • The IPO comprises fresh issuance of 81,50,000 equity shares and an offer for sale (OFS) of up to 1,09,43,070 equity scrips by existing shareholders.
     
  • Those offering shares through the OFS (offer for sale) route include International Financial Corporation (IFC), Gaja Capital, HDFC Holdings, IDFC First Bank, Kotak Mahindra Life Insurance Company, DWM (International) Mauritius Ltd and Americorp Ventures.
     
  • The issue, with a price band of Rs 303-305 apiece. 
     
  • Suryoday Small Finance Bank IPO will be open for subscription during March 17-19. 
     
  • At the upper end of the issue, the IPO will fetch Rs 582 crore.
     
  • Axis Capital, ICICI Securities, SBI Capital Markets and IIFL Securities are the merchant bankers of the issue. Shares of the bank will be listed on BSE and NSE.

 

This week as many as five companies have come out with initial public offers to raise an estimated Rs 3,764 crore.

Craftsman Automation and Laxmi Organics Industries have launched their initial share-sale programmes on Monday while that of Kalyan Jewellers India will opened on Tuesday. IPOs of Suryoday Small Finance Bank and Nazara Technologies began on Wednesday, information with the exchanges showed. Shares of these companies will be listed on BSE and NSE.

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Sagar Biswas

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