Public Market

IPO

Jana Small Finance Bank gets Sebi's go-ahead to float IPO

Economic Times  

Jana Small Finance Bank has received markets regulator Sebi's go-ahead to raise funds through an initial public offering (IPO). The IPO comprises a fresh issuance of equity shares worth INR 700 crore and an offer for sale (OFS) of up to 92,53,659 shares by existing shareholders. Those selling shares in the OFS include Bajaj Allianz Life Insurance Company, Hero Enterprise Partner Ventures, ICICI Prudential Life Insurance Company, Enam Securities, North Haven Private Equity Asia Platinum Pte Ltd, QRG Enterprises and Tree Line Asia Master Fund (Singapore) Pte Ltd. Axis Capital, ICICI Securities and SBI Capital Markets are the merchant bankers to the issue. The small finance bank proposes to utilise the net proceeds from the fresh issue towards augmenting its Tier-1 capital base to meet future capital requirements. Further, the proceeds will also be used for meeting the expenses in relation to the offer. Jana Small Finance Bank may also consider a pre-IPO placement of an aggregate amount not exceeding INR 500 crore, including by way of a proposed further issue to its promoters for an amount aggregating up to INR 400 crore.