Jana Small Finance Bank Announces Initial Public Offering9

Jana Small Finance Bank Limited (Jana SFB) is set to open bids for its much-anticipated initial public offering (IPO) of Equity Shares, with a face value of ₹10, on February 7, 2024. The bank’s IPO, a significant move in the financial market, aims to raise capital through a combination of fresh issue and offer for sale.

Jana Small Finance Bank IPO
Jana Small Finance Bank IPO

Key Details of the IPO:

Offer Period: The IPO subscription window will open on February 7, 2024, and close on February 9, 2024.

Poultary
  • Anchor Investor Bidding: Scheduled for February 6, 2024.
  • Price Band: The price band for the Offer has been set at ₹393 to ₹414 per Equity Share.
  • Lot Size: Bids can be made for a minimum of 36 Equity Shares, with multiples of 36 Equity Shares thereafter.
  • Fundraising Plan: Jana SFB plans to raise funds through a fresh issue of Equity Shares aggregating to ₹4,620.00 million, after adjusting for the Pre-IPO placement. Additionally, an Offer for Sale of up to 2,608,629 Equity Shares by the selling shareholders is part of the fundraising strategy.
  • Utilization of Funds: The net proceeds from the Fresh Issue will be directed towards augmenting the bank’s Tier-1 capital base, meeting future capital requirements, improving Tier-I capital, and CRAR. A portion of the funds will also cover expenses related to the IPO.
  • Employee Reservation Portion: The Offer includes a reservation of up to ₹135.00 million for subscription by eligible employees.
  • Listing Plans: The Equity Shares issued through the IPO will be listed on the BSE Limited (BSE) and National Stock Exchange of India Limited (NSE). The Designated Stock Exchange for the Offer is BSE.
  • Book Running Lead Managers: Axis Capital Limited, ICICI Securities Limited, and SBI Capital Markets Limited are the Book Running Lead Managers for the IPO.
  • Offer Structure: The IPO follows the Book Building Process, allocating not more than 50% of the Net Offer to Qualified Institutional Buyers (QIBs), with additional provisions for Anchor Investors, Mutual Funds, Non-Institutional Investors, and Retail Individual Bidders.
  • Application Process: All potential Bidders, except Anchor Investors, are required to utilize the Application Supported by Blocked Amount (ASBA) process.
Disclaimer: The bank has filed the Red Herring Prospectus (RHP) with the Registrar of Companies, Karnataka at Bengaluru, providing comprehensive details about the IPO. Potential investors are advised to refer to the RHP for an in-depth understanding of the risks associated with the investment. The bank emphasizes that investment in equity shares involves a high degree of risk. This announcement does not constitute an offer of Equity Shares for sale in any jurisdiction, including the United States.
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