Equitas Small Finance Bank initial public (IPO) To Open On Tuesday (October 20)

Equitas Small Finance Bank IPO To Open On Tuesday

Equitas Small Finance Bank has fixed the issue price in the price band of Rs 32-Rs 33 per share.

Equitas Small Finance Bank’s Rs 517.6 crore initial public offer (IPO) will opens for bidding on Tuesday i.e. October 20. The IPO will remain open for three days, from October 20 till October 22. The public offering comprises fresh issue of 8.5 crore shares and offer for sale of 7.2 crore shares by Equitas Holdings Limited, the holding company of Equitas Small Finance Bank. Post the IPO, the stake of Equitas Holdings Limited will decline to about 82 per cent. The shares are likely to be listed on the benchmark indices on November 2, 2020.

Equitas Small Finance Bank has fixed the issue price in the price band of Rs 32-Rs 33 per share. Applicants can bid for a minimum one lot of 450 equity shares and in multiples of 450 equity shares, extending up to 13 lots.

Equitas Small Finance Bank will use the IPO proceeds to augment its Tier I capital base to meet future capital requirements.

Equitas Small Finance Bank was incorporated in Chennai in 1993. As a micro-finance institution, it provides microfinance loans, housing finance and vehicle finance. And unlike other micro-finance institutions, Equitas Small Finance also sells mutual fund products and third-party insurance products, and opens savings accounts.

Equitas Small Finance Bank was the largest small finance bank in India in terms of number of banking outlets and second largest in India, going by assets under management, as of financial year 2019.

The lead managers of the for the initial public offer are Edelweiss Financial Services, IFL Holdings and JM Financial Consultants, while KFintech Private Limited is the registrar to the issue.

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