Jana Small Finance Bank IPO, that opened for bidding on February 7, closes today, February 9. The book built issue worth ₹570 crore comprises a fresh issue and an offer for sale (OFS).
Let us check Jana Small Finance Bank IPO GMP, subscription status and other key details.
Jana Small Finance Bank IPO Subscription Status
Jana Small Finance Bank IPO has been subscribed 4.5 times so far on Friday, the third and the last day of the bidding process. It received total bids for 4.55 crore equity shares as compared to 1.01 crore shares on the offer, as per data available on NSE till 1:10 pm.
The public issue was subscribed 3.77 times in the retail category and 10.97 times in the Non-Institutional Investors’ (NII) category, while the Qualified Institutional Buyers’ (QIB) portion has been booked 1.24 times so far.
Jana Small Finance Bank IPO GMP Today
Jana Small Finance Bank IPO GMP today, or grey market premium today, is ₹59 per share, as per market observers. This indicates that Jana Small Finance Bank shares were trading higher by 14.25% than their IPO price at ₹473 in the grey market today.
Jana Small Finance Bank IPO Review
Jana Small Finance Bank is the fourth largest small finance bank in terms of asset under management (AUM) and also in terms of deposit size as at September 30, 2023.
“The key trigger of Jana SFB’s strong fundamentals is that it intends to strengthen its liability franchise with a focus on growing its deposit base to attain a stable and low cost source of funding. As the lender will utilize the net proceeds of the fresh equity issue to augment its Tier-I capital base, its capital adequacy will enhance and lead to a stable leverage position. At the current P/BV multiple of 1.2x based on book value as on September 2023, we believe the company is reasonably valued,” said BP Equities.
It advised investors to “Subscribe” to the issue from a medium to long-term perspective.
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Jana Small Finance Bank IPO Details
Jana Small Finance Bank IPO commenced for public subscription on February 7 and will conclude today, February 9. The ₹570 crore worth issue comprises a fresh issue of 1.12 crore equity shares aggregating to ₹462 crore and an offer for sale (OFS) of 26.08 lakh shares aggregating to ₹108 crore.
The IPO price band has been fixed at ₹393 to ₹414 per equity share. Jana SFB IPO lot size is 36 shares and the minimum investment amount required by retail investors is ₹14,904.
Ahead of the IPO opening, Jana Small Finance Bank raised ₹166.95 crore by allotting 40,32,588 equity shares to 17 anchor investors on February 6.
The net proceeds from the fresh issue will be used towards augmenting the bank’s Tier-I capital base to meet the bank’s future capital requirements and general corporate purposes.
Jana Small Finance Bank IPO allotment date is most likely on February 12, and the company may initiate refunds and credit the shares to investors’ demat accounts on February 13.
The equity shares of Jana Small Finance Bank are likely to be listed on February 14, on both BSE and NSE.
Axis Capital, ICICI Securities and SBI Capital Markets are the book running lead managers of the Jana SFB IPO, while Kfin Technologies is the IPO registrar.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Published: 09 Feb 2024, 01:17 PM IST