Home / Markets / Stock Markets /  Suryoday Small Finance Bank files IPO papers with Sebi

NEW DELHI : Suryoday Small Finance Bank has filed draft papers with capital markets watchdog Sebi to float an initial public offering.

The initial public offering comprises fresh issuance of 1,15,95,000 equity shares and an offer for sale of up to 84,66,796 equity scrips by existing shareholders, according to the draft papers filed with Sebi.

Those offering shares through the OFS (offer for sale) route include International Financial Corporation (IFC), Gaja Capital, HDFC Holdings, IDFC First Bank, Kotak Mahindra Life Insurance Company, DWM (International) Mauritius Ltd and Americorp Ventures.

The bank has proposed to utilise the net proceeds from the fresh issue towards augmenting its Tier –1 capital base to meet future capital requirements.

The small finance bank has over 20 institutional investors with a mix of institutional investors, development funds, and private equity investors.

As of March 2020, the net worth of the bank stood at around 1,000 crore with a capital adequacy ratio of 30 per cent.

It has a deposit base of more than 2,800 crore and a gross loan portfolio of around over 3,700 crore.

Axis Capital, ICICI Securities, SBI Capital Markets and IIFL Securities are the merchant bankers of the issue.

Shares of the bank will be listed on BSE and NSE.

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