The initial public offering (IPO) of Rs 582 crore of Suryoday Small Finance Bank (SSFB) began today, March 17th. The offer includes a new issue of 81.50 lakh shares and a sell offer of 1.09 crore shares per existing shareholder sale. The lender has set a price per tranche of Rs 303-305 per share for the issue, which will close on March 19. Prior to the IPO, the company raised around Rs 170 crore from key investors.

Here’s everything you need to know about the Suryoday Small Finance Bank IPO:

• The tender for the IPO of Suryoday Small Finance Bank begins on March 17 and will close on March 19.
• The offer includes a new issue of 81,50,000 shares and an offer to sell a maximum of 1,009,43070 shares by existing shareholders, including International Financial Corporation (IFC), Gaja Capital, HDFC Holdings, IDFC First Bank, Kotak Mahindra Life Insurance Company, DWM (International) Mauritius Ltd and Americorp Ventures.
• The small finance bank has set a price per tranche of Rs 303 to 305 per share for its IPO.
• At the higher end of the price range, the IPO would bring in Rs 582 crore for the company.
• The bank intends to use the net proceeds to increase its Class I capital base to meet future capital needs.
• The company raised over 170 crore rupees from key investors ahead of a first stock sale. Major investors include Axis Mutual Fund, IDFC Mutual Fund, SBI Life Insurance Company Ltd, Integrated Core Strategies Asia Pte Ltd, Aditya Birla Sunlife Insurance Company, ICICI Lombard General Insurance Company, ICICI Prudential Life Insurance Company, Goldman Sachs (Singapore) Pte and India Max Investment Fund Ltd.
• Axis Capital, ICICI Securities, SBI Capital Markets and IIFL Securities are the issue’s investment bankers.
• Suryoday Small Finance Bank shares will be listed on BSE and NSE.
• The small corporate bank has more than 20 institutional investors with a mix of institutional investors, development funds and private investors. As of March 2020, his net worth stood at around Rs 1,000 crore with a capital adequacy ratio of 30%. It has a deposit base of over Rs 2,800 crore and a gross loan portfolio of around Rs 3,700 crore.

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