Suryoday Small Finance Bank IPO opens today. All you need to know
The price band for the offer has been fixed at ₹303-305 per equity share and bids can be made for a minimum of 49 equity shares and in multiples of 49 thereafter.
Suryoday Small Finance Bank will open its maiden two-day initial public offering for subscription on Wednesday. The issue comprises an offer of sale of ₹333.76 crore and a fresh issue of shares of ₹248.58 crore. The issue will close on March 19. The bank has a customer base of 1.44 million and operates 554 banking outlets which includes 153 unbanked rural centres as well. The bank has also set up 661 customer service points.
![Employees of the bank can also bid on the issue as 5 lakh equity shares have been reserved for them which will be available on a discount of <span class='webrupee'>₹</span>30 per share.(AP/ Representational) Employees of the bank can also bid on the issue as 5 lakh equity shares have been reserved for them which will be available on a discount of <span class='webrupee'>₹</span>30 per share.(AP/ Representational)](https://images.hindustantimes.com/img/2021/03/17/550x309/_b8961132-3550-11eb-a00e-2cd7664e001b_1615948181211.png)
Here’s everything you need to know about Suryoday Small Finance Bank IPO:
1. The IPO comprises a fresh issue of 81.50 lakh equity shares and an offer for sale of 1.09 crore equity shares. Employees of the bank can also bid on the issue as 5 lakh equity shares have been reserved for them which will be available on a discount of ₹30 per share.
2. The price band for the offer has been fixed at ₹303-305 per equity share and bids can be made for a minimum of 49 equity shares and in multiples of 49 thereafter. At the higher end of the price end, therefore, the minimum application size will be ₹14,945.
3. Prior to the IPO, the bank has already raised ₹151.94 crore through issuing 52,08,226 equity shares to SBI Life Insurance Company, Axis Flexi Cap Fund, Axis Equity Hybrid Fund and Kiran Vyapart.
4. The bank aims to utilise the net proceeds from the IPO towards increasing its Tier-1 capital base and thereby meet future capital requirements.
5. After the issue, the shares will get listed on the BSE and the NSE.
6. The book running managers of the IPO will be Axis Capital, ICICI Securities, IIFL Securities and SBI Capital Markets.
7. According to a statement by the bank, deposits as of December 2020 were at 3,343.84 crore and the net income in financial year 2020 stood at ₹490.9 crore, while the profit in the same year stood at ₹111.2 crore.
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