Jana bank files for IPO, eyes ₹700 cr fund-raise

The bank plans to raise fresh capital of up to Rs700 crore through the IPO, while over a dozen existing shareholders of the bank will sell part of their shares through an offer for sale

Swaraj Singh Dhanjal
Updated1 Apr 2021, 11:54 PM IST
Jana Small Finance Bank proposes to utilize the net proceeds from the fresh issue towards augmenting our bank’s tier-I capital base to meet its future capital requirements
Jana Small Finance Bank proposes to utilize the net proceeds from the fresh issue towards augmenting our bank’s tier-I capital base to meet its future capital requirements

Jana Small Finance Bank, one of the 10 entities that received the small finance bank (SFB) licence in 2015, filed its draft red herring prospectus with the markets regulator on Thursday for an initial public offering (IPO).

The bank plans to raise fresh capital of up to 700 crore through the IPO, while over a dozen existing shareholders will sell part of their shares through an offer for sale. The total size of the IPO would be approximately 2,000 crore, said a person aware of the company’s plans.

Also Read | Inside Mumbai’s new extortion economy

The selling shareholders include Bajaj Allianz General Insurance Co. Ltd, ICICI Prudential Life Insurance Co. Ltd, Hero Enterprise Partner Ventures and Enam Securities Pvt. Ltd. Investment firms such as TPG, HarbourVest group, Amansa Capital and Morgan Stanley are also shareholders of the bank. “Our bank proposes to utilize the net proceeds from the Fresh Issue towards augmenting our Bank’s Tier – 1 capital base to meet our Bank’s future capital requirements,” the lender said in its DRHP.

Jana was one of the worst affected lenders during the demonetization at the end of 2016. The lender in its DRHP said that its NPAs as a percentage of gross advances have come down from 42.21% as of 31 March 2018 to 2.72% as of 30 September 2020.

Investment banks Axis Capital, ICICI Securities and SBI Capital Markets are advising Jana on its IPO.

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.MoreLess
First Published:1 Apr 2021, 11:54 PM IST
HomeCompaniesNewsJana bank files for IPO, eyes ₹700 cr fund-raise

Most Active Stocks

Tata Steel

168.00
03:59 PM | 10 JUL 2024
-3.8 (-2.21%)

Indian Oil Corporation

171.95
03:59 PM | 10 JUL 2024
0.25 (0.15%)

Bharat Electronics

333.70
03:58 PM | 10 JUL 2024
-0.85 (-0.25%)

Ashok Leyland

225.95
03:52 PM | 10 JUL 2024
-2.4 (-1.05%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Capri Global Capital

225.65
03:49 PM | 10 JUL 2024
11.15 (5.2%)

Vardhaman Textiles

532.60
03:47 PM | 10 JUL 2024
26 (5.13%)

India Cements

295.50
03:29 PM | 10 JUL 2024
13.85 (4.92%)

NLC India

276.40
03:59 PM | 10 JUL 2024
12.9 (4.9%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K

    Fuel Price

    • Petrol
    • Diesel
    OPEN IN APP
    HomeMarketsCibilPremiumMint Shorts