Jana Small Finance Bank IPO booked 88% on day 1; retail, HNIs portion subscribed 1.2x each

Jana Small Finance Bank IPO to close on February 9

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The Jana Small Finance Bank IPO saw a decent response from investors on February 7, the first day of the three-day subscription period. Investors picked 89.39 lakh equity shares of the company against an IPO size of 1.01 crore equity shares, resulting in a total subscription of 88 percent.

Retail investors bought 1.2 times the allotted quota and non-institutional investors (high networth individuals) 1.22 times the portion set aside for them, while the part reserved for qualified institutional buyers was subscribed by 14 percent.

Employees of the company bought 31 percent shares of the reserved portion. The small finance bank has reserved equity shares worth Rs 13.5 crore for its employees.

The Jana Small Finance Bank IPO will close on February 9, while the bank will finalise the basis of allotment of IPO shares by February 12 and the eligible investors will get the shares in their demat accounts by February 13. Its equity shares will be available for trading on the bourses with effect from February 14.

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The Bengaluru-based small finance bank target to raise Rs 570 crore through its initial public offering, at the upper end of the price band of Rs 393-414 per share.

The Jana Small Finance Bank IPO comprises a fresh issuance of equity shares worth Rs 462 crore and an offer-for-sale (OFS) of 26,08,629 equity shares worth Rs 108 crore by the existing shareholders.

Hero Enterprise Partner Ventures, Client Rosehill, CVCIGP II Employee Rosehill, and Growth Partnership II Ajay Tandon Co-Investment Trust are among the six selling shareholders in the OFS.

Click Here To Read The Moneycontrol's Exclusive Note Jana SFB IPO

The bank has already mopped up Rs 166.95 crore through several institutional investors on February 6, a day before the public issue opening. Citigroup Global, Copthall Mauritius Investment, Societe Generale Astrone Capital, 360 One Mutual Fund, East Bridge Capital Master Fund, SBI Life Insurance Company, Turnaround Opportunity Fund, HDFC Life Insurance Company, and Kotak Iconic Fund were some of the participants in the anchor book.

Jana Small Finance Bank, which offers banking products, is going to use net fresh issue proceeds to augment its Tier-1 capital base to meet future capital requirements.