SINGAPORE: Bandhan Bank intends to start pre marketing its IPO of up to Rs 4,500 crore (US$700 million) next week, according to two persons with knowledge of the plans. The bank, targeting a march launch for the float, will sell up to 119.3 million shares, of which 97.7 million will be primary and 21.6 million will be secondary.

In the secondary tranche, International Finance Corp will sell 14 million shares and IFC FIG Investment will sell 7.6 million. IFC currently owns a 3.2 per cent stake, or 35 million shares, in the bank, while IFC FIG controls a 1.7 per cent stake, or 18.9 million shares. Bandhan Financial Holdings is the largest shareholder of the bank with a 89.6 per cent stake. Other shareholders include Caladium Investment, a subsidiary of GIC, Small Industries Developmnent Bank of India and Chandra Shekhar Ghosh.

The bank posted a net profit of Rs 11 billion for the financial year to march 31 2017, compared to Rs 2.8 billion a year earlier. Axis, Goldman Sachs, JM Financial, JP morgan and Kotak are bookrunners.