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Suryoday Small Finance Bank receives go ahead to launch IPO

Suryoday Small Finance Bank receives go-ahead to launch IPO

Suryoday Small Finance Bank receives go-ahead to launch IPO
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By CNBCTV18.com Dec 29, 2020 1:01:35 PM IST (Published)

Suryoday Small Finance Bank has received market regulator Sebi's consent to launch an initial public offering (IPO).

Suryoday Small Finance Bank has received market regulator Sebi's consent to launch an initial public offering (IPO). The company is the latest addition to the IPO list.

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The public issue market has had a tremendous year despite the COVID-19 pandemic.
The bank will utilise the net proceeds from the fresh issue towards augmenting its Tier-1 capital base to meet future capital requirements.
The draft papers informed that the IPO comprises fresh issuance of 1.15 crore shares and an offer for sale (OFS) of up to 84.66 lakh shares by existing shareholders.
Shareholders including International Financial Corporation (IFC), Gaja Capital, HDFC Holdings, IDFC First Bank, Kotak Mahindra Life Insurance Company, DWM (International) Mauritius Ltd and Americorp Ventures will be selling shares through the OFS route.
Axis Capital, ICICI Securities, SBI Capital Markets and IIFL Securities are the merchant bankers for the issue and it will be listed both on BSE as well as NSE.
The net worth of Suryoday Small Finance Bank stood at around Rs 1,000 crore with a capital adequacy ratio of 30 percent. It has a deposit base of more than Rs 2,800 crore and a gross loan portfolio of around Rs 3,700 crore.
The lender has over 20 institutional investors with a mix of institutional investors, development funds, and private equity investors.
(with inputs from PTI)
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