NEW DELHI : Suryoday Small Finance Bank on Tuesday raised a little over ₹170 crore from anchor investors ahead of an initial share-sale, which will open for public subscription on Wednesday.
The company's initial public offer (IPO) committee has decided to allocate a total of 55,77,920 shares at ₹305 per piece to 13 anchor investors, aggregating to ₹170.12 crore, the bank informed BSE.
The anchor investors include Axis Mutual Fund, IDFC Mutual Fund, SBI Life Insurance Company Ltd, Integrated Core Strategies Asia Pte Ltd, Aditya Birla Sunlife Insurance Company, ICICI Lombard General Insurance Company, ICICI Prudential Life Insurance Company, Goldman Sachs (Singapore) Pte and India Max Investment Fund Ltd.
The IPO comprises fresh issuance of 81,50,000 equity shares and an offer for sale (OFS) of up to 1,09,43,070 equity scrips by existing shareholders.
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 issue, with a price band of ₹303-305 apiece, will be open for subscription during March 17-19. At the upper end of the issue, the IPO will fetch ₹582 crore.
The bank has proposed to utilise the net proceeds from the fresh issue towards augmenting its 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%.
It has a deposit base of more than ₹2,800 crore and a gross loan portfolio of around ₹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.
In December, the bank received Sebi's go-ahead to float the IPO.
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