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Business News/ Markets / Ipo/  Jana Small Finance Bank IPO Day 3: Issue subscribed 18 times on last day; check GMP, review
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Jana Small Finance Bank IPO Day 3: Issue subscribed 18 times on last day; check GMP, review

Jana Small Finance Bank IPO commenced for public subscription on February 7 and will conclude today, February 9. The ₹570 crore worth issue comprises a fresh issue of 1.12 crore equity shares aggregating to ₹462 crore and an offer for sale (OFS) of 26.08 lakh shares aggregating to ₹108 crore.

Jana Small Finance Bank IPO price band has been fixed at ₹393 to ₹414 per equity share. Premium
Jana Small Finance Bank IPO price band has been fixed at 393 to 414 per equity share.

Jana Small Finance Bank IPO: The initial public offering (IPO) of Jana Small Finance Bank has received decent response from investors so far as the issue has been oversubscribed heavily.

Jana Small Finance Bank IPO, that opened for bidding on February 7, closes today, February 9. The book built issue worth 570 crore comprises a fresh issue and an offer for sale (OFS).

Let us check Jana Small Finance Bank IPO GMP, subscription status and other key details.

Jana Small Finance Bank IPO Subscription Status

Jana Small Finance Bank IPO has been subscribed 18.50 times on Friday, the third and the last day of the bidding process. It received total bids for 18,71,96,940 equity shares as compared to 1,01,16,284 shares on the offer, as per data available on NSE till 7 pm.

The public issue was subscribed 5.46 times in the retail category and 25.05 times in the Non-Institutional Investors’ (NII) category, while the Qualified Institutional Buyers’ (QIB) portion has been booked 38.75 times so far.

Also Read: Rashi Peripherals IPO, Jana SFB IPO, Capital SFB IPO last day of subscription today: Which ones should you choose?

Jana Small Finance Bank IPO GMP Today

Jana Small Finance Bank IPO GMP today, or grey market premium today, is 59 per share, as per market observers. This indicates that Jana Small Finance Bank shares were trading higher by 14.25% than their IPO price at 473 in the grey market today.

Jana Small Finance Bank IPO Review

Jana Small Finance Bank is the fourth largest small finance bank in terms of asset under management (AUM) and also in terms of deposit size as at September 30, 2023.

“The key trigger of Jana SFB’s strong fundamentals is that it intends to strengthen its liability franchise with a focus on growing its deposit base to attain a stable and low cost source of funding. As the lender will utilize the net proceeds of the fresh equity issue to augment its Tier-I capital base, its capital adequacy will enhance and lead to a stable leverage position. At the current P/BV multiple of 1.2x based on book value as on September 2023, we believe the company is reasonably valued," said BP Equities.

It advised investors to “Subscribe" to the issue from a medium to long-term perspective.

Jana Small Finance Bank IPO price band has been fixed at  <span class='webrupee'>₹</span>393 to  <span class='webrupee'>₹</span>414 per equity share.
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Jana Small Finance Bank IPO price band has been fixed at 393 to 414 per equity share.

Jana Small Finance Bank IPO Details

Jana Small Finance Bank IPO commenced for public subscription on February 7 and will conclude today, February 9. The 570 crore worth issue comprises a fresh issue of 1.12 crore equity shares aggregating to 462 crore and an offer for sale (OFS) of 26.08 lakh shares aggregating to 108 crore.

The IPO price band has been fixed at 393 to 414 per equity share. Jana SFB IPO lot size is 36 shares and the minimum investment amount required by retail investors is 14,904.

Ahead of the IPO opening, Jana Small Finance Bank raised 166.95 crore by allotting 40,32,588 equity shares to 17 anchor investors on February 6.

Also Read: Entero Healthcare Solutions IPO opens today. GMP, subscription status, review, other details. Apply or not?

The net proceeds from the fresh issue will be used towards augmenting the bank’s Tier-I capital base to meet the bank’s future capital requirements and general corporate purposes.

Jana Small Finance Bank IPO allotment date is most likely on February 12, and the company may initiate refunds and credit the shares to investors’ demat accounts on February 13.

The equity shares of Jana Small Finance Bank are likely to be listed on February 14, on both BSE and NSE.

Axis Capital, ICICI Securities and SBI Capital Markets are the book running lead managers of the Jana SFB IPO, while Kfin Technologies is the IPO registrar.

Read all IPO news here

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Published: 09 Feb 2024, 01:17 PM IST
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