Suryoday Small Finance Bank initial public offer (IPO) Opens Today

2021-03-17 03:18:59

Suryoday Small Finance Bank IPO Opens Today

Suryoday Small Finance Bank has a presence in 12 states and union territories across the country

Suryoday Small Finance Bank’s Rs 582.33-crore initial public offering (IPO) opens for bidding today i.e. March 17. The company has fixed a price band at Rs 303-305 per share and plans to raise Rs 582.34 crore at the higher end of the price band. The offer will close on March 19. The shares are likely to be listed on BSE and NSE on March 30.

Suryoday Small Finance Bank’s initial public offer comprises fresh issue of 81.50 lakh shares and an offer-for-sale (OFS) of up to 1.09 crore equity shares. Investors can place bids for a minimum of 49 equity shares and in multiples thereafter, translating into a minimum investment of Rs 14,945. A total of up to 50 per cent of the issue will be reserved for qualified institutional investors, 35 per cent for retail investors and 15 per cent for non-institutional investors. Five lakh equity shares will be offered to eligible employees, at a discount of Rs 30 per share.

Small Finance Bank will use the proceeds from the public issue to augment tier-1 capital base and to meet future capital requirements.

Suryoday Small Finance Bank was founded by Baskar Babu Ramachandran. It has a presence in 12 states and union territories across the country.

Ujjivan Small Finance Bank, CreditAccess Grameen, Bandhan Bank and AU Small Finance Bank are some listed peers of Suryoday Small Finance Bank.

Axis Capital, ICICI Securities, IIFL Holdings and SBI Capital Markets are the book running lead managers to the issue of

Suryoday Small Finance Bank, while KFintech is the registrar for the issue.

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