ESAF Small Finance Bank Limited, a bank focused on serving unbanked and under-banked customers in rural and semi-urban areas, is set to launch its maiden Initial Public Offering (IPO). The price band for the IPO has been fixed at Rs 57 to Rs 60 per equity share. The IPO will open for subscription on Friday and close on Tuesday, giving investors the opportunity to bid for a minimum of 250 equity shares and in multiples of 250 equity shares thereafter.
The Public Issue consists of fresh issuance of equity shares worth Rs 390.70 crore and an Offer for Sale (OFS) of up to Rs 72.30 crore, totaling Rs 463 crore. The bank plans to utilize the proceeds from the fresh issue to strengthen its Tier 1 capital base.
ESAF Small Finance Bank has an extensive network of banking outlets, customer service centers, business correspondents, banking agents, business facilitators, and ATMs spread across 21 states and two union territories. With a customer base of 7.15 million, the bank has been successful in serving customers in rural and semi-urban areas, with 62.97% of their gross advances directed towards these regions. Moreover, 71.71% of their banking outlets are located in rural and semi-urban areas, indicating their commitment to reaching underserved communities.
The bank’s strong presence in rural and semi-urban regions is further reflected in the fact that 72% of their branches are located in these areas. ICICI Securities Limited, DAM Capital Advisors Limited, and Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) have been appointed as the book-running lead managers for the IPO.
In conclusion, ESAF Small Finance Bank is set to launch its IPO with a price band of Rs 57 to Rs 60 per equity share. With its focus on serving unbanked and under-banked customers in rural and semi-urban areas, the bank aims to strengthen its capital base and continue its mission of financial inclusion.
Summary:
★ESAF Small Finance Bank is launching its IPO with a price band of Rs 57 to Rs 60 per equity share.
★The IPO will be open for subscription from Friday to Tuesday.
★Investors can bid for a minimum of 250 equity shares and in multiples of 250 equity shares thereafter.
★The IPO consists of fresh issuance of equity shares worth Rs 390.70 crore and an Offer for Sale (OFS) of up to Rs 72.30 crore.
★The bank plans to utilize the proceeds to augment its Tier 1 capital base.
★ESAF Small Finance Bank has a wide network of banking outlets, customer service centers, and ATMs serving 7.15 million customers in 21 states and two union territories.
★The bank focuses on rural and semi-urban areas, with 62.97% of their gross advances directed towards these regions.
★ICICI Securities Limited, DAM Capital Advisors Limited, and Nuvama Wealth Management Limited are the book-running lead managers for the IPO.
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