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Suryoday Small Finance Bank IPO set top open on March 17. Here’s the details

The three-day public issue would conclude on March 19 and bidding for anchor investors would be open on March 16.

SNS | New Delhi |

Suryoday Small Finance Bank’s IPO is all set to be launched next Wednesday, March 17. The company has set a price a band of Rs 303-305 a share with face value of Rs 10 each.

The initial public offer (IPO) comprises fresh issuance of 81,50,000 equity shares and an offer for sale of up to 1,09,43,070 equity scrips by existing shareholders, the small finance bank announced in a virtual press conference. At the upper end of the price band, the IPO would fetch Rs 582 crore.

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 three-day public issue would conclude on March 19 and bidding for anchor investors would be open on March 16.

The bank aims to utilise the proceeds from the IPO towards augmenting its Tier-I capital base to meet future capital requirements.

The small finance bank has over 20 institutional investors including development funds and private equity investors.

As of March 2020, the net worth of the bank stood at around Rs 1,000 crore with a capital adequacy ratio of 30 per cent. It has a deposit base of more than Rs 2,800 crore and a gross loan portfolio of around Rs 3,700 crore.