ESAF Small Finance Bank’s IPO Attracts ₹135 Crore in Anchor Investments Ahead of Public Offering

ESAF Small Finance Bank, a prominent financial institution, successfully raised ₹135.15 crores from anchor investors in its initial public offering (IPO). The IPO garnered significant interest from a diverse group of anchor investors, underscoring the bank’s appeal in the financial market. The anchor investment took place on Thursday, November 2, and it is a precursor to the bank’s IPO subscription period, which commenced on Friday, November 3, and is set to conclude on Tuesday, November 7.

Also Read: ESAF Small Finance Bank IPO review

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ESAF Small Finance Bank allocated a total of 2,25,24,998 equity shares at ₹60 per share to the anchor investors. The bank’s IPO price band has been established in the range of ₹57 to ₹60 per equity share, with a face value of ₹10 per share.

The anchor investors participating in the ESAF Small Finance Bank IPO include a mix of foreign and domestic institutions. Notable investors among them are ACM Global VCC Fund, Founders Collective Fund, Kotak Mahindra Life Insurance, Edelweiss Tokyo Life Insurance, ICICI Prudential Life Insurance, SBI General Life Insurance, Ananta Capital Ventures Fund, Astorne Capital VCC, and Alchemie Ventures Fund.

In a statement, ESAF Small Finance Bank explained the allocation process, saying, “The IPO steering committee of the bank in their meeting held on Thursday, November 2, 2023, and the promoter selling shareholder, in consultation with ICICI Securities Limited, DAM Capital Advisors Limited, and Nuvama Wealth Management Limited, have finalized allocation of 2,25,24,998 Equity Shares to Anchor Investors at an Anchor Investor Allocation Price of ₹60 per Equity Share, including a share premium of ₹50 per Equity Share.”

Also Read: ESAF Small Finance Bank IPO review

ESAF Small Finance Bank IPO Details

ESAF Small Finance Bank’s IPO consists of a fresh issuance of equity shares worth ₹390.7 crore by the company and an offer-for-sale (OFS) of equity shares worth ₹72.3 crore by three shareholders. The bank aims to raise a total of ₹463 crore from this IPO. The net proceeds from the fresh issue will be utilized to strengthen the bank’s Tier – I capital base to meet future capital requirements.

The book-running lead managers for the ESAF Small Finance Bank IPO are ICICI Securities, DAM Capital Advisors, and Nuvama Wealth Management, while Link Intime India has been appointed as the IPO registrar.

ESAF Small Finance Bank IPO Important Dates

The tentative listing date for ESAF Small Finance Bank is scheduled for Thursday, November 16, and the IPO allotment date has been set for Friday, November 10. Please note that these dates may change if the company adopts T+3 norms.

ESAF Small Finance Bank IPO Grey Market Premium (GMP)

As of today, the GMP for ESAF IPO stands at +22, which is consistent with the previous session. This GMP suggests that ESAF Small Finance Bank’s shares are trading at a premium of ₹22 in the grey market on Friday. The grey market premium reflects the willingness of investors to pay more than the issue price for the bank’s shares, signaling strong market anticipation and interest in the IPO.

Also Read: ESAF Small Finance Bank IPO review

Investors and market participants are closely watching ESAF Small Finance Bank’s IPO, and it is expected to be a significant event in the financial market.

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