Suryoday Small Finance Bank has filed draft papers for floating its Initial Public Offering (IPO) with market regulator Securities and Exchange Board of India (SEBI).
According to the draft papers filed with SEBI, the IPO offered will comprise the issuance of fresh 1,15,95,000 equity shares and an offer for sale of up to 84,66,796 equity shares by the existing shareholders. The shares of the small finance bank will be listed on BSE and NSE.
The offering of equity shares through an offer for sale (OFS) includes International Financial Corp. (IFC), HDFC Holdings, Gaja Capital, IDFC First Bank, Kotak Mahindra Life Insurance Company, DWM (International) Mauritius Ltd. and Americorp Ventures.
The fund raised will be utilised for the net proceedings form the fresh issuance of equity shares towards augmenting its Tier –1 capital base to meet future capital needs.
Suryoday Small Finance Bank has over 20 institutional investors including investors, development funds, and private equity investors. Its net worth stood at Rs 1,000 crore with a capital adequacy ratio of 30 per cent as of 31, March 2020. The small finance bank has a deposit base of more than Rs 2,800 crore, with a gross loan portfolio of about Rs 3,700 crore.
Axis Capital, ICICI Securities Ltd., SBI Capital Markets and IIFL Securities Ltd. are the merchant bankers of the issue.