Jana Small Finance Bank had a muted market debut, listing at a 4 percent discount over the IPO price on February 14. The stock opened at Rs 396 on the NSE against the issue price of Rs 414. The listing was below analyst expectations of a 7 percent premium.
The Rs 570-crore offer, which consisted of a fresh issue of 1.11 crore shares worth Rs 462 crore and an offer for sale of 26.08 lakh shares worth Rs 108 crore, was subscribed 19.8 times.
Hero Enterprise Partner Ventures, Client Rosehill, CVCIGP II Employee Rosehill, and Growth Partnership II Ajay Tandon Co-Investment Trust were some of the selling shareholders in the Jana Small Finance Bank IPO.
The price band was fixed at Rs 393-414 a share.
All you need to know about Jana Small Finance Bank IPO
The bank plans to use fresh issue proceeds to bolster its Tier-1 capital base.
Jana SFB is the fourth-largest small finance bank in terms of AUM and deposit size. As of September 30, 2023, the bank had 771 banking outlets.
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