- Bid/ Offer will close on Friday, February 9, 2024
- The Anchor Investor Bidding Date shall be Tuesday, February 6, 2024;
- Bids can be made for a minimum of 36 Equity Shares and in multiples of 36 Equity Shares thereafter
NE BUSINESS BUREAU
AHMEDABAD, FEB 5
Private equity majors Morgan Stanley and TPG-backed Jana Small Finance Bank Limited on Saturday announced its initial public offering (IPO) will hit the primary market on Wednesday, February 7, 2024 and will close on Friday, February 9, 2024.
The Anchor Investor Bidding Date shall be Tuesday, February 6, 2024.
The Price Band of the Offer has been fixed at ₹393 to ₹414 per Equity Share. Bids can be made for a minimum of 36 Equity Shares and in multiples of 36 Equity Shares thereafter.
The small finance bank aims to raise ₹570 crore from its initial offer out of which ₹462 crore is aimed at issuance of fresh shares. The remaining ₹108 crore is reserved for the OFS route.
Client Rosehill, CVCIGP II Employee Rosehill, Global Impact Funds, Growth Partnership II Ajay Tandon Co-Investment Trust, Growth Partnership II Siva Shankar Co-Investment Trust, and Hero Enterprise Partner Ventures are the selling shareholders in the OFS.
The Bank proposes to utilize the Net Proceeds from the Fresh Issue towards augmenting Bank’s Tier – 1 capital base to meet Bank’s future capital requirements, to improve its Tier-I capital and CRAR. Further, the proceeds from the Fresh Issue will also be used towards meeting the expenses in relation to the Offer.
Managing Director and CEO Ajay Kanwal said, “The bank has 72 branches in Gujarat and Tamil Nadu contributes maximum revenue to it. It is the fourth largest Small Finance Bank, in terms of AUM and the fourth largest Small Finance Bank in terms of deposit size as of March 31, 2023.”
Jana SFB that offers banking products has reserved half of its issue size for qualified institutional buyers, 15 percent for non-institutional investors and the remaining 35 percent shares for retail investors.
The banks’ total Operating Income rose 18.23% to Rs 693.71 crore in the quarter ended March 2022 as against Rs 586.75 crore during the previous quarter ended March 2021. For the full year, net profit declined 93.58% to Rs 5.41 crore in the year ended March 2022 as against Rs 84.31 crore during the previous year ended March 2021.
The book build issue is proposed for listing on both BSE and NSE.
Axis Capital Limited, ICICI Securities Limited and SBI Capital Markets Limited are the Book Running Lead Managers to the Offer.
