Jana SFB’s IPO Opens On Feb 7

Price Band fixed at Rs 393 to Rs 414 per equity share of face value of Rs 10 each

Akhilesh Yadav, Vice President (Head - ECM Syndication), SBI Capital Markets; Kushagra Kumar, Executive Director, Investment Banking, Axis Capital; Ajay Kanwal, Managing Director & Chief Executive Officer, Jana SFB; Abhilash Sandur, Chief Financial Officer, Jana SFB and Pritish Kandoi, Executive Vice President, ICICI Securities

FinTech BizNews Service    

Mumbai, February 3, 2024: Jana Small Finance Bank shall open bids for its initial public offering of Equity Shares face value Rs 10 on Wednesday, February 7, 2024. The Anchor Investor Bidding Date shall be Tuesday, February 6, 2024. The Offer will open on Wednesday, February 7, 2024 for subscription and will close on Friday, February 9, 2024.

The Price Band of the Offer has been fixed at Rs 393 to Rs 414 per Equity Share. Bids can be made for a minimum of 36 Equity Shares and in multiples of 36 Equity Shares thereafter. 

The Bank plans to raise funds through initial public offering comprising fresh issue of Equity Shares aggregating to Rs 4,620.00 million ( the “Fresh Issue”)* after adjusting for the Pre-IPO placement and Offer of Sale aggregating up to 2,608,629  Equity Shares by the selling shareholders (the “Offer for Sale”) (together, the “Offer”). The Offer includes a reservation of up to Rs 135.00 million for subscription by eligible employees (“Employee Reservation Portion”).

The Bank proposes to utilize the Net Proceeds from the Fresh Issue towards augmenting Bank’s Tier – 1 capital base to meet Bank’s future capital requirements, to improve its Tier-I capital and CRAR. Further, the proceeds from the Fresh Issue will also be used towards meeting the expenses in relation to the Offer. (the “Object of the Offer”)

The Equity Shares are being offered through the red herring prospectus dated February 1, 2024 (“RHP”) filed with the Registrar of Companies, Karnataka at Bengaluru (“RoC”).  The Equity Shares issued through the Red Herring Prospectus are proposed to be listed on the Stock Exchanges being BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”). For the purposes of the Offer, the Designated Stock Exchange shall be BSE.

Axis Capital Limited, ICICI Securities Limited and SBI Capital Markets Limited are the Book Running Lead Managers to the Offer.

RHP Link: https://www.sbicaps.com/storage/2024/02/Jana-Small-Finance-Bank-Limited-RHP.pdf