AU Small Finance Bank today said it has fixed a price band of Rs 355 to Rs 358 per share for its initial public offering (IPO). On the upper end of the price band, the size of the IPO would be Rs 1,912 crore. The share sale will open on June 28 and close on June 30. “It is an initial public offering of 53,422,169 shares of face value of Rs 10 each,” the company said.
Through the IPO, the group and the promoter of the company would be diluting their stake by 3 per cent to 33 per cent. Other shareholders – Redwood Investment, International Finance Centre (IFC), Labh Investments, Ourea Holdings and Kedaara Capital Alternative Investments – would also partly offer their stake.
Bids can be made for a minimum of 41 shares and in multiples of 41 shares thereafter. AU Small Finance in one of the 10 entities that were granted a small finance bank licence by the RBI in 2015. It started operations in April this year.