Suryoday Small Finance Bank files draft papers with SEBI for IPO

© Akanksha Sarma
Suryoday Small Finance Bank files draft papers with SEBI for IPO

Suroyaday Small Finance Bank Limited (SSFBL) has filed its Draft Red Herring Prospectus for an  Initial Public Offer (IPO) of up to 20,061,796 equity shares of face value Rs 10 each.

The SFB plans to utilise the net proceeds from the fresh issue towards augmenting the bank’s Tier – 1 capital base in order to meet the bank’s future capital requirements, SSFBL said in a statement.

This issue will be made via a book-building process, with Axis Capital, ICICI Securities, SBI Capital Markets, and IIFL Securities being the merchant bankers of the issue.

Shares of the bank will be listed on BSE and NSE.

Those offering shares through the offer for sale (OFS) route include International Financial Corporation (IFC), Gaja Capital, HDFC Holdings, IDFC First Bank, Kotak Mahindra Life Insurance Company, DWM (International) Mauritius Ltd, and Americorp Ventures.

Suryoday’s AUM grew by 71 percent to Rs 3,003 crore, with 20 percent of this contributed by affordable home loans, commercial vehicle finance, and SME and NBFC funding.

According to earlier reports, Suryoday Small Finance Bank was required to list before April 2021.