Equitas Small Finance Bank IPO Subscribed 2 Times

Spread the News

[ad_1]
Equitas Small Finance Bank IPO Subscribed 2 Times

Equitas Small Finance Bank IPO Subscribed 2 Times

The shares of Equitas Small Finance Bank are likely to be listed on November 2.

The Rs 518 crore initial public offer (IPO) of Equitas Small Finance Bank, which was open for bidding between October 20 and 22, was subscribed 1.95 times at close. The IPO received bids for 22.57 crore equity shares against an offer size of 11.58 crore equity shares, as per subscription data available on the exchanges. The portion set aside for qualified institutional investors was subscribed 3.9 times, the retail investor’s category was subscribed 2.08 times, and the non-institutional investor’s segment, 22 percent. The shares are likely to be listed on November 2.

Equitas Small Finance Bank’s public offering comprised of fresh issue of 8.5 crore shares and an offer for sale of 7.2 crore shares by Equitas Holdings Limited, which is the holding company. The shares were offered in the price band of Rs 32-Rs 33 per share. Post the offer, the stake of Equitas Holdings Limited will reduce to around 82 percent.

The bank will use the IPO proceeds to augment its Tier I capital base to meet capital requirements in the future.

Equitas Small Finance Bank was incorporated in Chennai in 1993. It is one of the leading small finance banks in terms of its reach and asset under management. It provides microfinance loans, housing finance, and vehicle finance, as also sells mutual funds and third-party insurance products.

This is the third public issue in small finance bank space, after AU Small Finance Bank and Ujjivan Small Finance Bank.

Edelweiss Financial Services, IFL Holdings, and JM Financial Consultants are the lead managers of the initial public offer, whereas KFintech Private Limited is the registrar to the issue.

[ad_2]


Spread the News

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: