ESAF Small Finance Bank IPO opens on November 3, price band set at ₹57 to ₹60 per share
ESAF Small Finance Bank IPO subscription opens on Nov 3. ESAF Small Finance Bank IPO allocation to anchor investors on Nov 2.
ESAF Small Finance Bank IPO price band has been fixed in the range of ₹57 to ₹60 per equity share of face value of ₹10. ESAF Small Finance Bank IPO opens for subscription on Friday, November 3, and closes on Tuesday, November 7. The allocation to anchor investors for ESAF Small Finance Bank IPO is scheduled to take place on Thursday, November 2.
The floor price is 5.70 times the face value of the equity shares and the cap price is 6.00 times the face value of the equity shares. The price to earning ratio based on diluted EPS for fiscal 2023 at the floor price is 8.49 times and at the cap price is 8.94 times. ESAF Small Finance Bank IPO lot size is 250 equity shares and in multiples of 250 equity shares thereafter.
"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!
ESAF Small Finance Bank IPO has reserved not more than 50% of the shares in the public issue for Qualified Institutional Buyers (QIB), not less than 15% for Non Institutional Investors (NII), and not less than 35% of the offer is reserved for Retail Investors. A discount of ₹5 per equity share is being offered to eligible employees bidding in the employee reserve portion.
ESAF Small Finance Bank IPO details
ESAF Bank IPO comprises a fresh issuance of equity shares worth ₹390.7 crore by the company, and an offer-for-sale (OFS) of equity shares worth ₹72.3 crore by three shareholders. The company plans to raise ₹463 crore from the IPO.
In the OFS, promoter ESAF Financial Holdings will sell shares worth ₹49.26 crore, while PNB MetLife India Insurance Company and Bajaj Allianz Life Insurance Company will offload shares worth ₹23.04 crore.
The bank proposes to utilise the net proceeds from the fresh issue to augment its Tier – I capital base to meet the future capital requirements.
The book-running lead managers for ESAF Small Finance Bank IPO are ICICI Securities, DAM Capital Advisors and Nuvama Wealth Management, while Link Intime India is the IPO registrar.
About ESAF Small Finance Bank
ESAF is a small finance bank that was founded in 1992 and primarily concentrates on lending money to clients who live in rural and semi-urban areas. Microloans, retail loans, MSME loans, loans to financial institutions, and agricultural loans make up the goods offered by the bank.
The Bank will have 700 locations, 743 customer service centres, 20 business correspondents, and 481 business facilitators in its network as of March 2023. There are 581 ATMs operated by the Bank across 21 Indian states.
The bank's FY23 net profit more than doubled from ₹54.73 crore to ₹302.3 crore. With a 60% YoY increase, the bank's net interest income (NII) reached ₹1,836.3 crore in FY23.
With the highest compound annual growth rate (CAGR) among its peers, ESAF Small Finance Bank's asset under management (AUM) increased from ₹8,425.93 crore on March 31, 2021 to ₹16,331.26 crore on March 31, 2023.
Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
- Top Gainers
- Top Losers
- 52 Week High