Suryoday Small Finance Bank will open its initial public offering of 1,90,93,070 equity shares on March 17 with a price band of Rs 303-305 per share. The issue will close on March 19.
The anchor book subscription (if any) will open for a day on March 16.
The offer consists of fresh issue of 81.50 lakh equity shares and an offer for sale of 1,09,43,070 equity shares by existing shareholders. As part of the offer for sale, International Finance Corporation will sell 43,87,888 equity shares, Gaja Capital Fund II will offload 20,21,952 shares, DWM (International) Mauritius will sell 18,89,845 shares, and HDFC Holdings will offload 7.5 lakh shares.
Other shareholders participating in offer for sale are IDFC First Bank (to offload 15 lakh shares), Americorp Ventures (1 lakh shares), Kotak Mahindra Life Insurance Company (1,86,966 shares), and Gaja Capital India AIF Trust (1,06,419 equity shares).
Investors can bid for a minimum of 49 equity shares and in multiple of 30 shares thereafter.
The small finance bank has reserved 5 lakh shares for its employees, to be offered at a discount of Rs 30 per share to eligible staff.
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The bank had raised nearly Rs 152 crore through its pre-IPO placement issue of 52,08,226 equity shares, at a price of Rs 291.75 per share.
It will utilise the fresh issue proceeds for augmenting Tier – 1 capital base to meet future capital requirements.
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Axis Capital, ICICI Securities, IIFL Securities and SBI Capital Markets are the book running lead managers to the issue.
