ESAF SFB files IPO papers, plans to raise Rs 998 cr

By: |
July 27, 2021 12:30 AM

According to the DRHP, the aggregate issue size is up to Rs 997.78 crore, comprising a fresh issue component of up to Rs 800 crore and an offer for sale of up to Rs 197.78 crore by promoter and other shareholders PNB Metlife India Insurance Company, Bajaj Allianz Life Insurance, PI Ventures LLP and John Chakola.

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ESAF Small Finance Bank on Monday filed the draft red herring prospectus (DRHP) with the Securities and Exchange Board of India to raise Rs 997.78 crore through an initial public offering (IPO).

The Kerala-based bank will use net proceeds to augment the its Tier 1 capital (primarily loans, advances and investment portfolio) to meet future capital requirements.

According to the DRHP, the aggregate issue size is up to Rs 997.78 crore, comprising a fresh issue component of up to Rs 800 crore and an offer for sale of up to Rs 197.78 crore by promoter and other shareholders PNB Metlife India Insurance Company, Bajaj Allianz Life Insurance, PI Ventures LLP and John Chakola.

The company may consider a pre-IPO placement of up to Rs 300 crore subject to counsel from lead managers.

Investment bankers appointed to the issue are Axis Capital, Edelweiss Financial Services, ICICI Securities and IIFL Securities.

The small finance bank was launched in March 2017 and within two years of its operations it became a scheduled bank in December 2018. About 85% of the total advances of the lender are micro loans with the average ticket size being Rs 20,000.

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