Jana Small Finance Bank IPO: The initial public offering (IPO) of Jana Small Finance Bank, which is going to be closed on Friday, February 9, has so far received 3.20 times subscription. Till 11:43 am on the final day of bidding on Friday, the Rs 570-crore IPO garnered 3,00,98,016 shares as against 94,09,373 shares on offer.
Private equity majors TPG and Morgan Stanley-backed IPO received bids under non-institutional investors 6.69 times, while the category for Retail Individual Investors (RIIs) fetched 3.33 times subscription. The portion for Qualified Institutional Buyers (QIBs) received 20 per cent subscription.
Jana Small Finance Bank IPO GMP Today
According to market observers, unlisted shares of Jana Small Finance Bank are trading Rs 59 higher in the grey market as compared with its upper issue price. The Rs 59 grey market premium or GMP means the grey market is expecting a 14.25 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Jana Small Finance Bank IPO Details
The Bengaluru-headquartered firm’s initial public offer has a fresh issue of up to Rs 462 crore and an offer for sale component of up to 2,608,629 equity shares.
The IPO comes in a price range of Rs 393-414 a share. Jana Small Finance Bank on Tuesday garnered Rs 167 crore from anchor investors.
Jana Holdings, the promoter holding 32 per cent of the bank, will reduce its stake to around 25 per cent after the issue. The bank will use the money from the fresh issue to augment its core capital to meet future capital requirements and improve its capital adequacy ratio.
Axis Capital, ICICI Securities and SBI Capital Markets are the managers to the offer.
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