Jana Small Finance Bank has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 575 crore through an initial public offering (IPO). The IPO will comprise a fresh issue of shares aggregating up to Rs 5,750 million (Rs 575 crore) and an Offer for Sale (OFS) aggregating up to 4,051,516 equity shares by “Investor Sharing Shareholders”.
The offer will be open for subscription to the public from September 15 to 17, 2023. The issue will be managed by Axis Capital Limited, ICICI Securities Limited and SBI Capital Markets Limited.
Jana Small Finance Bank is a leading small finance bank in India. It was founded in 2008 and is headquartered in Bengaluru. The bank has a network of over 750 branches and 272 banking outlets in 22 states and two union territories.
The proceeds from the IPO will be used to fund the bank's growth plans, including expanding its branch network and digital platform. The bank plans to use the proceeds to increase its focus on rural and semi-urban areas, and to support the government's financial inclusion goals.
The IPO is expected to be well-received by investors, as Jana Small Finance Bank is a well-managed bank with a strong track record. The bank is also well-positioned to benefit from the growth of the small finance banking sector in India.
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