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Jana SFB refiles draft papers with SEBI to launch its IPO
August 01, 2023
Jana Small Finance Bank has filed its draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (Sebi) to launch funds through an initial public offering (IPO). The company is looking to raise ₹575 crore through the sale of fresh equity shares.
The issue also includes an offer-for-sale (OFS) aggregating up to 4.05 million equity shares by Investor shareholders including Client Rosehill, CVCIGP II Employee Rosehill, Global Impact Funds, Growth Partnership II Ajay Tandon CoInvestment Trust, Growth Partnership II Siva Shankar CoInvestment Trust and Hero Enterprise Partner Ventures.
The net proceeds from the fresh issue are proposed to be utilized towards augmentation of Bank’s Tier – I capital base, to meet future capital requirements such as organic growth and expansion and to comply with the regulatory requirements, along with general corporate purposes. Proceeds from the fresh stake sale will go to selling shareholders.
The bank, in consultation with the lead managers, can consider a pre-IPO share allotment not exceeding ₹115 crore. In such case, the fresh issue size will be slashed. According to Fitch Report, Jana Small Finance Bank Limited is fourth largest small finance Bank in terms of AUM and the fourth largest small finance bank in terms of deposit size as at March 31, 2023.
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