TLDR:
– Jana Small Finance Bank IPO opens for public subscription today with a price band of ₹393 to ₹414 per equity share.
– The company aims to raise ₹570 crore from its initial offer, which includes a fresh issue of 1.12 crore equity shares and an offer for sale of 26.08 lakh shares.
The IPO of Jana Small Finance Bank has opened for public subscription today, with a price band of ₹393 to ₹414 per equity share. The bank is looking to raise ₹570 crore from its initial offer, which includes a fresh issue of 1.12 crore equity shares and an offer for sale of 26.08 lakh shares. The book built issue will remain open for bidders until Friday, February 9.
The equity shares of Jana Small Finance Bank are expected to be listed on February 14 on both the BSE and NSE. Retail investors are required to invest a minimum amount of ₹14,904, with a lot size of 36 shares. The IPO allotment date is likely to be February 12, with refunds and shares credited to investors’ demat accounts on February 13.
Prior to the IPO opening, Jana Small Finance Bank raised ₹166.95 crore from 17 anchor investors on January 6. The bank has a digitalized banking system and offers majority services in digital form. It is the fourth largest small finance bank in terms of assets under management and deposit size as of September 30, 2023.
Analysts at Anand Rathi believe the IPO is fairly priced and have recommended a “Subscribe” rating to the IPO. They state that the bank has a strong brand recognition and a customer-centric organization with over 16 years of experience in serving underserved customers. The IPO is valuing the company at a P/BV of 1.50x with a market cap of ₹43,300 million.
