Jana Small Finance Bank to launch IPO on Feb 7, Check out the full details here

by Psu Connect
Date: 02-02-24

The company is looking forward to raising a total of Rs 570 crore via IPO and has reserved shares worth Rs 13.50 crore for its eligible employees.

Jana Small Finance Bank to launch IPO on Feb 7, Check out the full details here

New Delhi: Jana Small Finance Bank is going to launch its initial public offering on Wednesday, February 7, 2024. The price band of the IPO has been fixed at Rs 393-414 per share. The bidding process will last for three days concluding on Friday, Feb 9. The IPO includes the sale of fresh equity shares worth Rs 462 crore and existing shareholders will shut up to 26,08,629 shares from their stake via offer-for-sale [OFS].

The company is looking forward to raising a total of Rs 570 crore via IPO and has reserved shares worth Rs 13.50 crore for its eligible employees. Also, the lender has opted for a pre-IPO placement of 24,39,607 equity shares at an issue price of Rs 414 per share.

The lender has reserved 50 per cent of the net offer for qualified institutional investors [QIBs], while the non-institutional investors [NIIs] quota is set at 15 per cent of shares. Retail investors will have 35 per cent reserved for the net issue. The net proceeds from the fresh issue are likely to facilitate its Tier-I capital base to meet the future capital requirements and meet the expenses of the offer.

Axis Capital, ICICI Securities, and SBI Capital Markets are the book-running lead managers of the Jana Small Finance Bank IPO while Kfin Technologies Limited is the registrar for the issue. Meanwhile, the listing of the shares is likely to be on 14 February on both BSE and NSE.