ESAF Small Finance Bank, based in Kerala, India, is set to launch its initial public offering (IPO) on Friday, November 3, aiming to raise Rs 463 crore ($62 million). The subscription window for the IPO is scheduled to remain open until Tuesday, November 7.
The IPO comprises a fresh equity issuance of Rs 391 crore and an offer for sale (OFS) of Rs 72 crore by existing shareholders and promoters. The bank has scheduled the share allotment for Friday, November 10. Successful bidders are expected to receive their shares by Wednesday, November 15, with refunds initiated from Monday, November 13.
The shares are slated to be listed on BSE and NSE on Thursday, November 16. They will be priced at Rs 57-60 each in lots of 250 shares or Rs 14,250-15,000 per lot.
The funds raised through this IPO will be used to strengthen the bank's Tier-I capital base to meet future capital requirements and ensure regulatory compliance. The move also allows the bank to benefit from listing its shares on the stock exchanges.
ESAF primarily serves rural and semi-urban customers with loans. ICICI Securities, Dam Capital Advisors, Nuvama Wealth Management, and Link Intime India are managing the issue.
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