Mumbai: Bandhan Bank Ltd on Tuesday said it has appointed five merchant bankers, including Goldman Sachs Group and JP Morgan Chase, to manage its initial public offering (IPO).

“The size of the share sale, its timing and all other related aspects have not been finalised as yet. The final decision on the proposed IPO will be subject to all regulatory approvals," the bank said in a statement. The bank also listed Axis Bank, JM Financial and Kotak Mahindra Bank as managers for its IPO.

Bandhan Bank started operating as a private bank in August 2015 after it was given the licence to become a bank in 2014 along with IDFC Bank. Bandhan Bank operates across 33 states and Union Territories through a network of 844 branches, 2,485 doorstep service centres (DSCs) and 384 ATMs, catering to more than 11 million customers. It has a workforce of about 25,200 employees.

As per the release, Kolkata-headquartered Bandhan Bank has collected deposits more than Rs24,500 crore and outstanding loan book is Rs21,235 crore since its launch. The bank had posted Rs1,111.95 crore net profit for the 2017-18. It reported a 35% rise in its net profit for the quarter ended 30 June.

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