Mumbai | Jana Small Finance Bank Limited is set to launch its Initial Public Offering (IPO) on Wednesday, February 7, 2024. The Bank has fixed the price band for the equity shares at ₹393 to ₹414 per share, with bids opening on the same day and closing on Friday, February 9, 2024. The Anchor Investor Bidding Date is scheduled for Tuesday, February 6, 2024.
Investors can place bids for a minimum of 36 equity shares and in multiples of 36 thereafter. The bank aims to raise funds through a fresh issue of equity shares amounting to ₹4,620.00 million, with an additional Offer for Sale of up to 2,608,629 equity shares by selling shareholders. An Employee Reservation Portion of up to ₹135.00 million is also included in the offering.
The net proceeds from the fresh issue will be utilized to strengthen the bank's Tier–1 capital base, meet future capital requirements, and improve its Tier-I capital and CRAR. The equity shares will be listed on BSE Limited and National Stock Exchange of India Limited.
The Book Running Lead Managers for the IPO are Axis Capital Limited, ICICI Securities Limited, and SBI Capital Markets Limited. The IPO is conducted through the Book Building Process, and allocation will be made to Qualified Institutional Buyers (QIBs) on a proportionate basis, with an Anchor Investor Portion available.
Investors are required to use the Application Supported by Blocked Amount (ASBA) process, except for Anchor Investors. The Red Herring Prospectus, filed on February 1, 2024, contains detailed information and is available on the SEBI website, stock exchanges' websites, and the bank's website.
Potential investors are cautioned about the high-risk nature of equity investments, and detailed risk factors can be found in the Red Herring Prospectus. The IPO does not constitute an offer of equity shares for sale in the United States.